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Claranet Signs Letter of Intent to Acquire VIA NET.WORKS |
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April 15, 2005 - (HOSTSEARCH.COM) - Web host and business communication provider VIA NET.WORKS, today announced that it has signed a letter of intent with Claranet, an independent and privately held European internet service provider. Under the terms of the letter of intent, Claranet would purchase all VIA's business operations for a total of between $26.5 million to $27 million in cash.
In signing the letter of intent, Claranet has paid a deposit of $3 million against the purchase price to secure exclusive negotiation rights with VIA
until 30 April.
VIA noted that the key terms of the letter of intent are as follows:
Ray Walsh, VIA's Chief Executive Officer, stated: "We have undertaken an intensive process these past several weeks working in parallel with a number of potential strategic partners to negotiate the best transaction for our shareholders. We also believe that Claranet's offer will provide the best
value for our employees, customers, creditors and other constituencies. We know and feel comfortable with their executive team, having sold our UK operation to Claranet last September."
Charles Nasser, Claranet's Chief Executive Officer, stated: "Following our past acquisitions on the continent and last year's acquisition of VIA's UK
operations, Claranet is consolidating its position as a leading European provider of communication services to business, adding to the group's future
revenues and profits. We look forward to working with VIA's customers and staff and continuing to invest in our growth."
VIA stated that, on entering a definitive purchase agreement with Claranet, it would expect to convene a meeting of its shareholders within the
next two or three months to consider the transaction for approval. The company also stated that with this letter of intent in hand and definitive
agreements with Claranet being sought by no later than April 30th, it expects to complete and file its Annual Report on Form 10-K for 2004. Further
information about the proposed transaction would be included in the proxy statement. |
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