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
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.