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News Burst: Terra buys WAP portal

Successful Finnish wireless portal snapped up for £140m
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Written by Matthew Broersma, Contributor on

Spain's Terra Mobile is placing its bets on WAP's successful future with the acquisition of wireless portal iobox for 230m euros (about £140m).

Iobox is one of Europe's most successful wireless portals, having acquired over one million registered users from the UK, Finland, Sweden and Germany since its launch in Helsinki last year.

Terra Mobile is a joint venture owned 51 percent by Telefonica Moviles and 49 percent by Terra Networks, which recently acquired US-based Internet portal Lycos.

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