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Liberty Surf takes X-Stream measures

UK ISP valued at £48m

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European subscription-free ISP, Liberty Surf, is to merge with The X-Stream Network in a deal that values the British outfit at £47.69 million ($75.35 million). Under the agreement Liberty Surf will acquire all of the outstanding shares of X-Stream common stock. Once the deal is finalised X-Stream will become a wholly owned subsidiary of Liberty Surf. X-Stream shareholders (other than Liberty Surf, which currently owns around ten per cent of X-Stream) will receive £0.80p ($1.26) for each X-Stream share, representing an aggregate cash consideration of £43.28 ($68.35) million. No one at X-Stream was prepared to comment further on how this would impact on the business since Liberty Surf is currently engaged in an IPO. Liberty Surf is looking to raise some £307 million in and it's believed that the cash will help fund expansion overseas. Elsewhere, France Telecom said it was looking at the possibility of floating its ISP, Wanadoo, the country's number one service provider. ®

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