GX Networks Buys UK ISP Pipex!
Posted: 03rd Oct, 2003 By: MarkJ
This one took us completely by surprise. It's been confirmed that GX Networks, which has already taken on several ISPs, including Firstnet, has officially brought out Pipex for an estimated sum of £55million!:
London-based GX Networks, which provides businesses with broadband Internet solutions, said the deal would be partly funded by placing new shares with institutional investors which had raised £27.7 million.
Once the transaction is completed, the company will be renamed as Pipex Communications. Pipex has a 12-year track record in the UK and has around 6% of the broadband market and 10% market share of non-BT owned broadband lines.
The operator also provides a portfolio of internet services to its 119,000 customers which include big firms, small to medium-sized enterprises and residential customers.
Ananova's item quotes managing director David Rickards as stating that the "alliance" with GX is designed to "take our business to the next stage".
London-based GX Networks, which provides businesses with broadband Internet solutions, said the deal would be partly funded by placing new shares with institutional investors which had raised £27.7 million.
Once the transaction is completed, the company will be renamed as Pipex Communications. Pipex has a 12-year track record in the UK and has around 6% of the broadband market and 10% market share of non-BT owned broadband lines.
The operator also provides a portfolio of internet services to its 119,000 customers which include big firms, small to medium-sized enterprises and residential customers.
Ananova's item quotes managing director David Rickards as stating that the "alliance" with GX is designed to "take our business to the next stage".
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