US firm buys ITG for pounds 146m
ITG, snapped up for pounds 146m by Concentric Network Internet Technology Group, the AIM-listed Internet service provider, is to be taken over in a pounds 146m buyout by Concentric Network of the United States.
ITG is being valued at 253p a share. The deal includes ITG's non-ISP assets being rolled into a new company called Red Wave for 17.4p per share. "We had a strong desire to expand into Europe," said Hank Nothhaft, chairman and chief executive of Concentric. "ITG has a strong operation in the UK and the operation in the Netherlands will be a stepping off point to going in to Europe." Concentric specialises in providing high-speed Internet access, e-commerce and other Web-related services to small and medium- sized businesses. ITG operates two subscription and two free ISPs.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies