Original URL: http://www.theregister.co.uk/1999/05/14/freeserve_adds_share_buying/

Freeserve adds share buying to its service

Takes a stake in GlobalNet for $15 million

By Tim Richardson

Posted in Business, 14th May 1999 11:33 GMT

Dixons has just forked out $15 million for a 13 per cent share in GlobalNet Financial.com to bolster the content provided by its highly successful ISP Freeserve. Within months it appears the electrical retailer-come-Internet company will start offering an on-line sharedealing service to rival established firms such as Charles Schwab. According to reports, the service will cover all stocks and shares listed in the UK and the US and could also lead to a wide variety of other financial products including mortgages. Of course the deal has a reciprocal value for GlobalNet Financial.com giving Freeserve's 1.1 million subscribers access to its Web site UkiNvest.com. "We believe a closer relationship with Freeserve will help us expand at a much faster rate as well as maximise our equity value over the long term," said Stanley Hollander, president and CEO of GLBN. As part of the deal, Freeserve has the option to increase its stake in GLBN to 19.9 per cent. ®