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3U HOLDING AG: Sale of Subsidiary LambdaNet
The purchase price is in the range of the book value of the sold shares. In addition, euNetworks assumes the liabilities of LambdaNet towards 3U HOLDING AG. In total 3U HOLDING AG receives liquid funds of approximately EUR 27 million in this transaction. The liabilities assumed by euNetworks amount to EUR 7.8 million. The closing of the transaction is scheduled for May 31, 2011.
LambdaNet accounted for sales of EUR 36.78 million and EBITDA in the amount of EUR 9.67 million in the fiscal year 2010. For fiscal year 2011 sales of EUR 37.07 million and EBITDA of EUR 10.14 million are planned.
The sale of LambdaNet does not mean that 3U HOLDING AG renounces its strategic goal, to offer as many services for the infrastructure of buildings - such as energy supply from renewable energy, broadband and telecommunications services - in the future. Instead, LambdaNet has won a strong partner in euNetworks and will rely on their expanded product and service portfolio as well. Consequently, LambdaNet's customers are also among the profiteers of this transaction.
The Management Board will give an updated outlook for the current fiscal year on May 26, 2011, the date of the next Annual General Meeting.
About LambdaNet Communications Deutschland AG
LambdaNet Communications Deutschland AG is a premier provider of telecommunication and internet services. Founded in 1999 and headquartered in Hanover, Germany, LambdaNet was bought by 3U in April 2004. Well-known customers, namely network operators, internet service providers, industrial corporations, banks and insurances, service providers and retailers rely on LambdaNet's services. LambdaNet operates one of the most sophisticated fibre-optic and IP/MPLS networks in Europe, covering more than 40 cities in 11 countries, including metropolitan networks to 5 major European business centres. LambdaNet provides global VPN solutions based on a network of cooperation partners. The company's service portfolio includes state-of-the-art IP/MPLS data services, high-availability internet services, integrated voice services, bandwidth transmission services up to 10 Gigabit per second as well as hosting services based on LambdaNet's 25 data centres. LambdaNet's information security management system is certified according to ISO 27001 since 2007.
About euNetworks Group Limited
euNetworks Group Limited (SGX: H23:SI) is a bandwidth infrastructure provider, owning and operating 13 fibre based metropolitan networks across Europe connected with a high capacity intercity backbone. The Company offers a portfolio of metro and longhaul Ethernet and Internet Protocol services including dark fibre, dedicated fibre, wavelength, Ethernet, and Internet. Enterprise and carrier customers benefit from euNetworks' unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs.
euNetworks Group Limited is headquartered in London and publicly listed on the Singapore Stock Exchange.
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