Loopia pays $40M for the acquisition of Binero's mass hosting business.

Loopia, a Västerås, Sweden-based provider of web services, announced that it entered into an agreement for the purchasing of the mass hosting business from Binero Group AB.

The deal, expected to close on August 31, 2019, was made for approximately SEK 380 million ($40M) accounting for the acquisition of Binero's web hosting business in Sweden and Germany. The carved out business provides web hosting and domain registrations to small and medium sized companies and consumers.

Binero Group AB offers a broad range of services within hosting and cloud solutions and its shares are traded on Nasdaq First North.

Loopia, led by CEO Sara Laurell, is a web services and hosting business with its largest operations in Sweden, in the Czech Republic with Active24 and WebSupport in Slovakia. Loopia also provides services to customers in Germany, Great Britain, the Netherlands, Norway, Serbia and Spain.