- Freeserve, the UK's leading internet portal, has made its largest acquisition to date with the purchase of Intracus, the maker of community websites for fan clubs and associations.
Freeserve is paying £60 million for the company. It will issue £50 million worth of new shares to cover the cost, plus a further £10 million subject to Intracus' performance.
Freeserve, which joined the FTSE 100 last week and now has 1.82 million users, also announced losses of £3.5 million in the quarter ending February 5. This compares with losses of £3.6 million in the previous quarter.