Fibernet Continues European Expansion

NEW YORK, March 13 -- Fibernet Group plc has acquired Munich-based Wetronic Automation GmbH as part of its continuing European expansion plans. Wetronic is a privately owned company specializing in LAN/WAN systems sales, services (including maintenance, project management, LAN analysis and reporting) and Internet Protocol traffic management. The company had a turnover of DM 8.5 million in 2000, employs 18 staff and has 60 clients including Siemens, Alstom, Infineon, Santander Direkt Bank and Compunet.
The acquisition totaled DM 2.1 million -- DM 1.3 million cash and DM 800,000 in shares. Fibernet will pay DM 500,000 of the total acquisition cost for 100 percent of the issued share capital of Wetronic and will put Wetronic in funds to repay a shareholder loan of DM 1.6 million. Fibernet paid 50 percent of the cost in cash and 50 percent in Fibernet shares. There is a six-month lockup period for the issued shares.