UTA buys Netway and becomes Austria's number one Internet provider
10 November 2000
UTA Telekom AG, in which Swisscom holds a stake of 50% plus one share, has purchased from the Raiffeisen Group a 100 percent holding in telecoms and Internet provider Netway Communications AG. This new addition to its Web activities makes UTA the leading Internet provider in Austria. While the purchase price was agreed in confidence, the transaction consists of one part cash payment and one part an exchange of shares, so that Raiffeisen will acquire a holding in UTA. The transaction is subject to the approval of the relevant organs within the Raiffeisen Group as well as compliance with anti-trust law.