Broadnet AG
Broadnet Mediascape Comm. english
broadnet mediascape takes over KKFnet * monthly turnover doubles
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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broadnet mediascape within top five Local Loop Carriers
Hamburg, July 23rd 2002 * Hamburg-based broadnet mediascape communications AG
takes over 100 per cent of KKFnet AG, Minden. The biggest advantage of the take
over are the redundant structures of both companies which result in large
synergies. KKFnet has 1,800 small and medium sized broadband clients using 3.000
high speed connections. In total broadnet mediascape therefore has some 5.200
business clients. Thus the monthly turnover of the group doubles. The clients
are serviced with KKFnets own DSL infrastructure with 725 equipped locations all
over Germany, KKFnet thus being on of the largest DSL providers next to
Deutsche Telekom. On top the new subsidiary owns backbone structures. broadnet
mediascape expects fast integration of the new subsidiary and believes the
largest cost synergies to result particularly in this area. Thus on top EBITDA
burden of broadnet mediascape should be cut to a reasonable size. At the
beginning of July, KKFnet had cash reserves of about 11 million Euro and
broadnet mediascape of about 35 million Euro. With the take over broadnet
mediascape plans to reach operating break even earlier than assumed. The take
over will be effected in various steps. The investment company Kohlberg Kravis
Roberts & Co (KKR), a shareholder of KKFnet, invests the total sum of 4.15
million Euro. KKR subscribes to 1.17 million new broadnet mediascape-shares at a
share price of 1.60 Euro. The shares are issued in a capital increase by
utilization of the authorized capital. Additionally broadnet mediascape issues
2.906.354 shares by utilization of the authorized capital for a capital increase
against contribution. KKR and Tenovis GmbH & Co KG, another shareholder of
KKFnet, will subscribe to these shares. The shares of the other former stake
holders are bought by KKR and broadnet mediascape beforehand. The take over must
be agreed to by the German anti-trust commission.
Contact:
Sophie Lindemann
*49 40 66 86 100
end of ad-hoc-announcement (c)DGAP 23.07.2002
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WKN: 549 086; ISIN: DE0005490866; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg,
Hannover, München und Stuttgart
230844 Jul 02
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