Broadband specialist Atlantic Telecom has thrown £2.5m at Magic Moments to fund the acquisition of 51% in German internet hosting and services company One-to-One Advertising and Telcommunications, a development that has driven the company to change its name to Host Europe, already the name of its European operating arm. Magic's chief operating officer Frank Rejwan commented that the two companies were 'very, very, very similar', with One-2-One focused on data infrastructure and having its own data centre, something which Magic prides itself on. The acquisition of the interest is costing Magic £1.75m in cash, to be funded by the issue of 62.5m shares at 4p to Atlantic, with which it is also entering into a strategic partnership offering quite a few synergies. The company already has a foothold in the European market with a French service but further acquisitions in France and Italy will mean further fundraising. Atlantic's investment at this stage is a resounding vote of confidence though.