RealTime IT News

TownPagesNet.com Acquires WWW.CO.UK

TownPagesNet.com has acquired WWW.CO.UK, the UK's leading Internet provider of cinema information, and its affiliated group companies for £4 million ($6 million) in cash and stock.

The terms of the deal require TownPages to pay £2.5 million ($4 million) in stock and the remainder in cash, with "an additional earnout" that becomes payable if WWW.CO.UK meets agreed performance targets.

"This is an important strategic acquisition for TownPages as it dramatically increases our critical mass of general entertainment information offered through our site," said Andrew Lyndon-Skeggs, managing director of TownPages.

"Because of the broad-based popularity of the cinema, we believe this combination will attract a whole new audience to TownPages. On a combined basis, we would be receiving in excess of 7 million hits per month."

WWW.CO.UK says it achieved 4.4 million hits in June 1999 and offers information on over 35 per cent of the UK cinema market. It has recently signed a contract with Ireland's largest cinema group to provide a similar service there.

TownPagesNet.com is the operator of TownPages, a service that provides local information to towns and cities across the UK.