Spidernet to acquire Netway

Spidernet Services Public Limited (SNET) announced that it will proceed with the acquisition of 100% of D.S.P. Netway Limited for total consideration of EUR2.5 mln, part of which in cash, and the other through the issue of shares.
Through this acquisition, the Company aims to increase its market share in the area of internet and telecommunication services and provision of complete information technology solutions in Cyprus.
SNET will pay the amount of EUR2.5 mln with the issue of 3,703,704 new shares (of nominal value EUR0.17) at EUR0.27/share for a value EUR1.0 mln and the balance of EUR 1.5 mln in cash.