UK ISP Internet Technology Group Plc has bought Dutch ISP Internet Facilities Europe BV in a deal worth up to 4.27m pounds. ITG hopes to use IFE as its first step into the continental Europe ISP market. The UK company will pay a deferred performance-related deferred consideration of between 1.42m and 4.27m pounds to be made in cash or shares at the end of 1999. IFE reported 1998 revenues of 1.46m pounds, with net income of almost 132,000 pounds, making it an attractive target for ITG. The Dutch company, which specializes in web-hosting services, will market GX Networks, ITG’s network connectivity and hosting services offering. ITG has just been granted a telecoms license in the UK and may soon offer facilities to organizations wanting to offer free ISP services.
