RealTime IT News

KPNQwest Buys Outstanding Shares of EUnet Portugal

KPNQwest Tuesday purchased the remaining outstanding shares in EUnet Portugal, an ISP in which the company previously held a significant stake.

Until now, KPNQwest held a 42.5 percent stake in the business ISP, but exercised options to take full control of the company. The acquisition puts to value of UEnet Portugal at £6.2 million.

EUnet boasts a user base of 2,000 accounts, 90 percent of which are corporate accounts, as well as a revenue growth rate of 75 percent. The company specializes in dial-up Net access, and with the acquisition, it can now tap into KPNQwest's fiber optic network. EUnet Portugal now also has the capacity to offer IP-based services such as VOIP, Web hosting and e-commerce application hosting in both Europe and North America.

The company's managing director David Antunes said that EUnet Portugal also expects to implement high-speed broadband as a result of the purchase.

"This acquisition further strengthens our position in one of the most exciting and fast-growing e-commerce markets in Europe," said Jack McMaster, KPNQwest's president and chief executive officer.

"David Antunes and his team have been pioneers in the development of the Internet on the Iberian peninsular, where their vision and passion for the Internet has helped to shape its success in Europe and will help us in our drive to accelerate the arrival of the Internet economy not only in Portugal, but across the whole continent."