Virgin Group, parent firm of U.K. Internet service Virgin Net, has signed a letter of intent with technology developer NTL to explore ways to jointly develop more services. Virgin Net is a joint venture in which NTL holds 49% and Virgin Group 51%.
Under terms of the agreement, NTL will acquire 100% of Virgin Net’s Internet service provider business which includes more than 500,000 subscribers.
Virgin will assume 100% ownership of Virgin Net’s content and electronic commerce business.
The new company will sit alongside Virgin’s existing e-commerce businesses which currently operate under the virgin.com brand.
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