GX Networks has bought two telecoms operations from Telenor for £1m in new shares.

They are Compulink Information eXchange Ltd, better known as CIX, now an ISP and once the nearest thing the UK ever got to The Well; and XTML Ltd, a business to business web hosting outfit.

The businesses are loss-making and had collective revenues of £11m in 2002. Net assets are £1m.

In a statement, GX Networks said the acquisitions took the company "one step further in establishing critical mass, increasing revenues and customers, whilst providing a faster route to profitability”. ®