Wanadoo Bails on Belgium

France telecom ISP subsidiary sells Wanadoo Belgium to Tiscali

February 7, 2003

1 Min Read

PARIS -- Wanadoo, a subsidiary of France Télécom, today announces its withdrawal from the internet Belgian market and the disposal of Wanadoo Belgium N.V to Tiscali.The total value of the transaction is EUR 9.5 million to be paid through newly issued Tiscali shares. The capital increase will be on the agenda of the next Tiscali's shareholders meeting, which is scheduled before end of April 2003. The shares will not have any lock up restriction nor any other selling restrictions. Wanadoo's decision to withdraw from the Belgian market is consistent with its European strategy which focuses on being one of the top three players on each market where the company is offering its services. Its key goal is to become one of the most profitable Internet companies in Europe - which is already the case in France. This operation will allow Wanadoo to improve its EBITDA and Free cash Flow for 2003.Wanadoo Belgium N.V, whose activities are located in Brussels, is a Belgian ISP and portal, with about 85,000 active customers - of which 25,000 are ADSL subscribers. The deal includes the staff (15 employees) of Wanadoo Belgium N.V within Tiscali's Belgian subsidiary and will not impact Wanadoo Belgium N.V customers who will be re-addressed to the Tiscali Network.Wanadoo SATiscali SpA

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