Science & Technology
Science and TechnologyScience and Technology 
Fri, June 17, 2011
Thu, June 16, 2011
MONTREAL, June 16, 2011 /CNW Telbec/ - iWeb Group Inc. (TSXV: IWB) ("iWeb"), a global provider of Internet hosting services and IT infrastructure, announces today the completion of its previously-announced amalgamation (the "Amalgamation") under a merger agreement with 7807201 Canada Inc. and 7807210 Canada Inc., two corporations controlled directly or indirectly by Novacap Technologies III, L.P., Caisse de dépôt et placement du Québec and an investment vehicle affiliated with Bank Street Capital Partners and certain of their affiliates.
iWeb's common shares are being delisted from the TSX Venture Exchange.
Pursuant to the Amalgamation, each Shareholder received one redeemable preferred share of the amalgamated company for each Share held immediately prior to the Amalgamation. Each such redeemable share will be redeemed immediately upon the Amalgamation for a cash consideration of $1.50.
The amalgamated corporation will continue under the name iWeb Group Inc.
For more information on the Amalgamation, see iWeb's news releases of March 4 and May 3, 2011.
About iWeb
iWeb provides Internet hosting services and IT infrastructure to nearly 24,000 customers in 150 countries. With its four data centers, iWeb's total capacity has reached 34,000 dedicated servers, over 1,100 co-location cabinets and 77 Gigabits per second (Gbps) of Internet connectivity, from 9 separate providers.
One of Canada's 100 fastest growing companies according to PROFIT Magazine, iWeb now generates more than 60% of its revenues, which reached US$29 millions in 2010, from abroad. Founded in 1996 in Montreal, iWeb shares are traded on the TSX Venture Exchange under the symbol "IWB".
About Novacap
With over $750 million in assets under management, Novacap is one of Canada's leading private equity and venture capital firms. Since 1981, its partnership strategy has helped over 50 companies accelerate growth and maximize value. Novacap is one of North America's top private equity firms, with first-quartile returns in North America. Further information about Novacap is available at [ www.novacap.ca ].
About Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate.
About Bank Street Capital Partners
Bank Street Capital Partners is a private equity fund focused on growth equity, acquisition finance, and special situations for small and mid-size growth companies in the Communications, Media and Technology sectors. Bank Street Capital Partners is led by a senior investment team that has originated, structured, and executed more than 1,000 financial and strategic transactions during the course of their careers. Bank Street Capital Partners leverages the extensive resources of The Bank Street Group.
Forward-Looking Statements
Except for historical information provided herein, this press release contains "forward-looking statements" within the meaning of the applicable securities legislation regarding the proposal to privatize iWeb, including the statement regarding the terms of the transaction. Therefore, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iWeb to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release. These risks and uncertainties include, but are not limited to, the payment of the amounts due to iWeb's shareholders under the Amalgamation, and the risks associated with general economic conditions. The forward-looking statements in this press release are made as of the date of this press release and, except as required by law, iWeb disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information or future events.