NeoNet, the Swedish electronic agency broker for institutional investors and broker-dealers, is buying Lexit Financial Group, the US brokerage, boosting NeoNet's presence in the US.

NeoNet will pay for Lexit shares with 8.2 million newly issued shares and $1.6m (€1.4m) in cash. The purchase sum may be adjusted slightly depending on Lexit's financial results for the period April to August 2003.

Frances Maguire

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