Fibernet Group Adds Wetronic

LONDON -- Fibernet Group plc [FIB LN] today announced that it has acquired Munich-based Wetronic Automation GmbH as part of its continuing European expansion plans. Wetronic is a privately owned company specialising in LAN/WAN systems sales, services (including maintenance, project management, LAN analysis and reporting) and Internet Protocol traffic management. The company had a turnover of DM 8.5 million in the year to 31 December 2000, employs 18 staff and services 60 clients including Siemens, Alstom, Infineon, Santander Direkt Bank and Compunet.

The cost of the acquisition totals DM 2.1 million - DM 1.3 million cash and DM 800,000 in shares. Of the total acquisition cost, Fibernet will pay DM 500,000 for 100% of the issued share capital of Wetronic and will put Wetronic in funds to repay a shareholder loan of DM 1.6 million, paid 50% in cash and 50% in Fibernet shares. There is a lockup period of six months for the issued shares.

Chief Executive, Charles McGregor said, "We are delighted to announce this latest stage in Fibernet's European expansion programme. Wetronic is in an excellent position to add value to our European operations and provide LAN resources and skills for our operations in southern Germany. The company has very experienced, well-trained staff and an established customer base which we plan to invest in and further develop."

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