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Shareholders of Terra Networks have given their blessing for the Spanish company to acquire Lycos.

The investors' thumbs-up is another tick in the box for Terra in its bid to acquire the Net company. The go-ahead was given despite some investors complaining that the $12.5 billion price tag was just too much.

Once the deal is complete, Terra Lycos will become the third-largest Net operator in the world and the biggest in terms of its geographical spread.

It will have operations in some 37 countries with plans to develop new markets in the Arab world, China, India, and Eastern Europe.

What's more, it will also have the resource and size to target the 500 million Spanish and Portuguese speakers around the world.

Juan Villalonga, chairman of Terra Networks, told the company's first annual shareholders' meeting: "The acquisition of Lycos is the great leap that will allow us to position ourselves as a truly global company."

"With Lycos, we will create a new platform, not only to enter into the North American market, but to aspire to worldwide leadership," he said. ®

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