According to NetCentrum, the acquisition will help it to grow its business in central and eastern Europe through new and enhanced services. The company’s founders Ondrej Tomek and Oldrich Bajer have retained minority stakes in the company. Czech media has estimated the value of the web portal at $147m.
The firm’s experience in both the region and the internet market will be of real value to us as we expand the business and continue to strengthen our management team, said Pavel Mucha, chief executive at NetCentrum.
NetCentrum was founded in 1999 with the launch of Centrum.cz website, which now has more than 200 employees. According to Czech weekly Tyden report, the company posted a net loss in 2006 due to rising marketing costs and in development of the company’s news wire aktualne.cz.
Prior to the acquisition, the company’s shareholders included Baring Communications Equity, a unit of ING Groep and Communications Equity Associates, a US financial advisory firm.
Earlier this week, Warburg Pincus agreeded to sell its UK-based Loyalty Management Group to Canadian Aeroplan Income Fund for a total amount of GBP368m.
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