December 15, 2016 / 7:46 AM / 7 months ago

United Internet buys Deutsche Telekom's Strato for 600 mln euros

1 Min Read

FRANKFURT, Dec 15 (Reuters) - German internet service provider United Internet has agreed to buy web hosting business Strato from Deutsche Telekom for around 600 million euros ($629 million) in cash, having lost out in an auction for Host Europe Group earlier this month.

The acquisition will be made via a new holding recently formed with Warburg Pincus, United Internet said on Thursday.

Some 566 million euros of the purchase price for Strato due in 2017 will be funded by a 350 million euro loan from United Internet and by equity capital to be provided by United Internet and Warburg Pincus.

$1 = 0.9539 euros Reporting by Maria Sheahan; editing by Susan Thomas

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