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Brussels (pte010/07.02.2003/10:04) - Wanadoo, a subsidiary of France Télécom http://www.francetelecom.com, announced today in a press release that is has withdrawn from the Belgian market, selling Wanadoo Belgium N.V. to Tiscali http://www.tiscali.com.
The sale of the ISP portal Wanadoo Belgium is a move to help Wanadoo improve its EBITDA and cash flow in 2003.
The total value of the transaction is estimated at EUR 9.5 million to be paid through newly issued Tiscali shares. The shares will not have any lock up restriction. The capital increase will be discussed at the next Tiscali shareholders meeting, which is scheduled before end of April 2003.
All 15 employees of the ISP portal Wanadoo Belgium will be integrated into Tiscali's Belgian subsidiary, and the deal is not supposed to impact Wanadoo Belgium customers who will be re-addressed to the Tiscali Network.
By its own estimate, Wanadoo Belgium N.V. has about 85,000 active customers, 25,000 of which are ADSL subscribers.
The decision to withdraw from the Belgian market reflects Wandadoo's strategy to focus on becoming one of the top three companies wherever the company is represented. Its self-proclaimed long term goal is to become one of the most profitable Internet companies in Europe. Wanadoo http://www.wanadoo.com is already a leading Internet media services provider in France, the U.K. and Spain.
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