US-based internet company Yahoo! has announced its acquisition of a 15% stake in the wireless internet portal Sonera Zed, a privately held unit of Finnish telecoms operator Sonera. Under the terms of their agreement, Yahoo! and Sonera Zed will soon begin delivering co-branded mobile services across Europe. Although the financial terms of the deal have not been disclosed, it is reported to have been a cash deal and Yahoo! will have the option to take full control of the company.

The two companies have stated that during the first phase of the partnership they will begin providing services such as news alerts, picture messages, screen logos and ring tones to customers in Finland, Italy, Germany and Britain.

Yahoo! further aims to use Sonera Zed’s technology to eventually provide its Yahoo! Messenger and Yahoo! Mail services to mobile subscribers across Europe.

Mark Opzoomer, managing director of Yahoo! Europe, said; “We believe that there are tremendous growth opportunities in paid consumer value-added services in Europe.”

Yahoo! and Sonera Zed collaborated during this summer’s World Cup to allow Sonera customers to receive score updates. The service was charged to the mobile phone bills of the subscribing customers and the revenues were shared between the two companies.

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