Germany's 1&1 Buys Swedish Marketing Company Adnet
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Montabaur, Germany-based 1&1 AG & Co. KGaA, a large marketing company, said it bought Sweden's Adnet AB Internet-Werbenetzwerk from Lingfield AB as it begins to expand its Internet advertising network outside Germany.
Financial details of the purchase, which was made through 1&1's unit 1 & 1 Online Dialog GmbH, were not disclosed, according to a Bloomberg News report.
Adnet is a market leader in Internet advertising in Sweden with sales expected to rise to 4 million deutsche marks ($2.26 million) this year, Bloomberg said. Adnet markets the Internet sites of newspapers such as Dagens Nyheter, TV 4, Expressen and the Web site for Telia AB, Sweden's largest phone company.
"The acquisition of Adnet is strategically a very decisive step for us as Sweden is considered the most developed Internet advertising market in Europe," said Richard Seibt, a member of 1&1's management board, adding that the company plans to expand in the U.K., France, Italy, Austria and Spain.