Easynet buys German ISP for £2.4m

Business broadband outfit Easynet has paid €3.34 million (£2.4 million) for German ISP talknet.

Easynet paid €500,000 up front and will stump up the rest of the cash in installments until January 2006.

For the year to June 30, talknet generated revenues of €14.4 million, notching up an operating profit of €2.1 million.

According to Easynet, the acquisition should see its German operation becoming EBITDA positive during Q3 '03.

Said Easynet chief exec David Rowe in a statement: "This is an attractive cashflow positive acquisition for us, which accelerates our profitability in Germany. Following the UK and Holland, Germany will be the third country operation to become EBITDA positive." ®