Football pools specialist Zetters says that it has begun its transformation into an online betting and gaming company with a £20 million reverse takeover of IFX, the foreign exchange market maker.

Zetters will pay IFX's owners 8.7 million shares and £3.9 million in cash, representing a 37.8 per cent stake in the company. IFX will have the option to buy a further 1.2 million shares.

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Verizon Wireless - Verizon and Vodafone's joint venture - is planning a $5 billion (£3.3 billion) listing on the US stock market in a few months. The money will be spent on network expansion and licences.

Shares in both Verizon, which owns the majority share (55 per cent) and Vodafone went up on the news. A similar float by AT&T in April was not a great success - shares dropped quickly from their $30 start price. They're currently at $24.

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ITNET Plc has announced that announced that Nick Blackwell, its Business Process Director, has resigned as an executive director and is leaving the business to pursue his own interests. He'll be replaced by Chris Gollings, a member of the Group's executive management team. ®