A firm controlled by the Irish entrepreneur Pierce Casey plans to buy Getmobile, a direct seller of mobile phone services in Germany, for about €65 million.

Fitzwilliam Capital, an investment company set up by Mr Casey, confirmed yesterday that it has agreed a deal to acquire the firm and conduct a share placing.

The planned transaction by Fitzwilliam is a reverse takeover and is subject to the rules of the Alternative Investment Market (Aim) in Britain, where it is listed.

Shares in Fitzwilliam, which were suspended two weeks ago on speculation of a major deal, began trading again on the Aim yesterday at a price of 77.5 pence (€1.12), a rise of 20 per cent.

Given that Getmobile trades in euro in its home market in Germany, Fitzwilliam also intends to seek admission to the Irish Enterprise Exchange, a new market for small firms established by the Irish Stock Exchange this year.

The firm has appointed Davy Stockbrokers to organise the share placing, which should raise €62.35 million to fund the deal.

It will place 72,500,000 ordinary shares at a price of 86 cent each.

If the acquisition and share placing are approved by Fitzwilliam's shareholders, trading on the Irish Enterprise Exchange market will begin on August 10th.

Mr Casey, who is a director of Alchemy Venture Partners, and management of Getmobile will own 22 per cent of the firm after the deal is confirmed. Institutions based in Zurich, London, Edinburgh and Dublin will own about 78 per cent of the firm.

Fitzwilliam will change its name to Getmobile following completion of the transaction.

Getmobile, an online and direct seller of subscription based mobile phone contracts in Germany, generated revenues of €51.1 million and earnings before interest and tax of €4 million in 2004. The firm will be debt-free and have a cash balance of €4 million, following completion of the acquisition by Fitzwilliam.

Mr Casey, executive chairman of Fitzwilliam, said the deal would enable Getmobile to become a pan-European specialist mobile phone business.