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ots Ad hoc-Service: United Internet AG <DE0005089007> United Internet partner GMX postpones IPO

Montabaur (ots Ad hoc-Service) -

The sender is solely responsible for the contents of this
announcement.
Private placement secures investment in growth and international
expansion
Montabaur, May 22, 2000. GMX AG is postponing its Neuer Markt IPO
planned for May 25. GMX, Germany's leading e-mail and messaging
service and a member of the United Internet network, has thus reacted
to the continuing uncertainty currently prevailing on
Internet-related markets. During the bookbuilding phase it was not
possible to place the GMX shares at an adequate price. "Together with
the management team of GMX, we decided that under the present
circumstances it would be best to postpone the IPO," says Ralph
Dommermuth, Board member of United Internet.
In order to guarantee the planned investments in the company's
further expansion - particularly for marketing and international
expansion - United Internet has negotiated a private placement for
GMX for the time being, under the leadership of Private Equity
Holding AG, based in Zug, Switzerland. Private Equity Holding is
managed by Bank Vontobel AG, Zürich. As part of the private placement
deal, a part of the GMX shares will first be sold. The price is based
on the published bookbuilding range. The corresponding agreements are
to be drawn up at short notice. The IPO will be held at a later date
.
United Internet holds a 64.9 percent interest in GMX. In the past
two years, the company succeeded in establishing itself as the clear
market leader for Internet-based e-mail and messaging services. 4.8
million registered customers already use GMX services and they are
joined by a further 17,000 new users every day. According to IVW
statistics, the GMX website is Germany's most frequently visited site
with 219 million page impressions per month. With its strong market
position and dynamic growth rates, GMX has enormous future potential.
Despite the company's sound business statistics, though, an IPO in
the current unfavorable climate for Internet shares would have been
too great a risk for GMX. "Whereas Internet stock financed by
advertising was all the rage not too long ago, there's currently a
considerable amount of skepticism and uncertainty," states
Dommermuth: "In the present situation a private placement seems to us
to be the best method of financing further growth." GMX will be able
to expand business without any unnecessary pressure.
United Internet AG is Europe's leading network of Internet
companies. The management holding has interests in 18 innovative
companies - in addition to GMX these include AdLINK, 1&1 Internet,
twenty4help, Metropolis, gatrixx and Jobs & Adverts. These companies
benefit from the numerous cooperation opportunities and synergy
effects offered by the United Internet network. The management
holding company provides know how transfer and services for its
members as well as various possibilities for raising capital. United
Internet can provide the necessary stability and security in the
field of finance for its participations - especially during times of
market uncertainty. Dommermuth: "We nurture and develop our companies
just as carefully as we choose them."
Contact partners for the press:
Marcus Schaps United Internet AG Phone: +49 2602/96-1076 Fax: +49
2602/96-1013 E-mail:  mschaps@united-internet.de
Burkhard Böndel Brodeur Kohtes & Klewes Phone: +49 211/38640-0
Fax: +49 211/38640-200 E-mail:  bboendel@de.brodeur.com
End
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