Softbank title jumps after Net2Net sale to Tele Danmark

Tele Danmark's Internet unit TDC Internet has acquired a 51% stake in Web access firm Net2Net from Softbank, one of Poland's leading computer groups, spending euro 23 million on the deal, the largest foreign investment in the domestic IT market to date. Under the terms of the agreement, the Danish-controlled company is to increase its stake in Net2Net by another 24% for zl.63 million within the next 18 months. Softbank president Aleksander Lesz said his company has no plans to unload its remaining 25% in the company and emphasized that Softbank was extremely satisfied with the transaction, which, according to Lesz, should help strengthen its position on the domestic Internet provider market. Analysts believe the new investor's main role will be to provide know-how to Net2Net. Softbank's shares were up some 5% to zl.51.1 in heavy trade on Tuesday after investors learned of the deal and Softbank's financial forecasts for 2001, released on the same day. Softbank said its unconsolidated net profit this year is likely to rise 29% to zl.52 million, while 2001 sales are expected to increase 25% to zl.490 million. (Prawo i Gospodarka, p.1; Reuters) A.D.