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Colt Acquires ImagiNet, Top French Corporate ISP

London-based Colt Telecom Group plc acquired ImagiNet, the leading independent corporate Internet Service Provider in France.

The deal values ImagiNet at 120 million French francs (approximately 12 million pounds), which Colt will pay in the form of shares and 2.1 million francs in cash. ImagiNet will become part of Colt's existing French subsidiary, COLT Telecommunications France SAS.

"ImagiNet is an excellent strategic fit for Colt because of its size, culture and business customer focus," Paul Chisholm, president and CEO of Colt. "Colt already provides corporate Internet services in the UK and Germany and with this acquisition, we have established a strong position in the French corporate Internet market."

ImagiNet was founded in 1995 and provides Internet solutions for business customers in France. Its services include Web design, Web hosting, and Internet access.

"We had already selected Colt as one of our preferred suppliers of high quality access in Paris and it was a logical next step to integrate our business with Colt," said Patrick Robin, co-founder and managing director of ImagiNet.

Colt Telecom Group operates in nine European cities, with plans to be operational in 12 cities by the end of 1998. Its turnover for the six months ending June 1998 was #81.7 million. It is listed on the London Stock Exchange (CTM.L) and Nasdaq (COLTY) in the USA.