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ots Ad hoc-Service: United Internet AG
United Internet partner GMX postpones IPO
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Montabaur (ots Ad hoc-Service) -
Private placement secures investment in growth and international expansion
Montabaur, May 22, 2000. GMX AG is postponing its Neuer Markt IPO planned for May 25. GMX, Germany's leading e-mail and messaging service and a member of the United Internet network, has thus reacted to the continuing uncertainty currently prevailing on Internet-related markets. During the bookbuilding phase it was not possible to place the GMX shares at an adequate price. "Together with the management team of GMX, we decided that under the present circumstances it would be best to postpone the IPO," says Ralph Dommermuth, Board member of United Internet.
In order to guarantee the planned investments in the company's further expansion - particularly for marketing and international expansion - United Internet has negotiated a private placement for GMX for the time being, under the leadership of Private Equity Holding AG, based in Zug, Switzerland. Private Equity Holding is managed by Bank Vontobel AG, Zürich. As part of the private placement deal, a part of the GMX shares will first be sold. The price is based on the published bookbuilding range. The corresponding agreements are to be drawn up at short notice. The IPO will be held at a later date .
United Internet holds a 64.9 percent interest in GMX. In the past two years, the company succeeded in establishing itself as the clear market leader for Internet-based e-mail and messaging services. 4.8 million registered customers already use GMX services and they are joined by a further 17,000 new users every day. According to IVW statistics, the GMX website is Germany's most frequently visited site with 219 million page impressions per month. With its strong market position and dynamic growth rates, GMX has enormous future potential.
Despite the company's sound business statistics, though, an IPO in the current unfavorable climate for Internet shares would have been too great a risk for GMX. "Whereas Internet stock financed by advertising was all the rage not too long ago, there's currently a considerable amount of skepticism and uncertainty," states Dommermuth: "In the present situation a private placement seems to us to be the best method of financing further growth." GMX will be able to expand business without any unnecessary pressure.
United Internet AG is Europe's leading network of Internet companies. The management holding has interests in 18 innovative companies - in addition to GMX these include AdLINK, 1&1 Internet, twenty4help, Metropolis, gatrixx and Jobs & Adverts. These companies benefit from the numerous cooperation opportunities and synergy effects offered by the United Internet network. The management holding company provides know how transfer and services for its members as well as various possibilities for raising capital. United Internet can provide the necessary stability and security in the field of finance for its participations - especially during times of market uncertainty. Dommermuth: "We nurture and develop our companies just as carefully as we choose them."
Contact partners for the press:
Marcus Schaps United Internet AG Phone: +49 2602/96-1076 Fax: +49 2602/96-1013 E-mail: firstname.lastname@example.org
Burkhard Böndel Brodeur Kohtes & Klewes Phone: +49 211/38640-0 Fax: +49 211/38640-200 E-mail: email@example.com
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Original-Content von: United Internet AG, übermittelt durch news aktuell