2001

Data Management and Inconet Merge to Create Biggest Internet Service Provider in Lebanon
(13 December 2001)

Lebanon Invest, the leading investment and financial services firm in Lebanon, announces it has originated, structured and arranged the merger of Internet Service Providers Data Management and Inconet to create Lebanon's biggest Internet firm and the largest Private Internet Operator in the Middle East. The new entity will operate under the name Inconet Data Management SAL (IDM) and will be owned by Inconet's shareholders' group (62%) and Data Management's shareholders' group (38%). 

IDM will be the undisputed market leader in both the retail and corporate Internet market segments in Lebanon. Included in the merger are Yalla! (www.yalla.com.lb), Data Management's Lebanese portal and Inconet's state-of-the-art Call Center.

IDM will serve a significant percentage of Lebanon's individual, corporate, government and educational Internet users. IDM will provide its customers with more than 3,000 telephone lines, 4 Dial-up access points and 14 Points-of-Presence throughout the Lebanese territory. In addition, several redundant fiber and satellite links to the Internet, and a force of over 60 dedicated professionals will insure network resiliency, uptime and quality of service. Users will also have access to 24-hour customer support.

"We are excited about the opportunities this merger provides us. Our customer satisfaction is paramount for our success. IDM will be committed to the satisfaction of its customers by providing the best possible value proposition and quality service," says Maroun Chammas, General Manager of Data Management. "Leveraging our resources and combining our offerings will provide our customers with the most complete, diverse and quality portfolio of Internet-related products and services in the marketplace," adds Mr. Chammas. 

"Merging two of the largest Internet service providers in Lebanon is a key development in the Internet sector in Lebanon and the Middle East," said Dr. Habib Torbey, President of Inconet. "Joining forces is a definite plus for our clients and partners. Our customers can look forward to a faster introduction of new products and services as well as to IDM's full commitment to high quality Internet services," adds Dr. Torbey.

"Lebanon Invest saw clear synergies between the two firms. The critical mass and synergies that will be created by the merger would positively impact the profitability of the new entity," says Bassam Yammine, General Manager of Lebanon Invest. "IDM will also have a competitive market positioning with respect to current and future market players. Additionally, the merger will position the combined entity to face emerging market trends. Therefore, the merger between Data Management and Inconet is a proactive move in the right direction," adds Mr. Yammine.