According to an announcement released Tuesday, German technology company United Internet, has agreed to acquire UK Web host Fasthosts Internet Limited for approximately $115 million.

United Internet, the parent company of Web hosting provider 1&1 Internet, which until very recently was rated by Internet researcher Netcraft to be the world’s largest Web host, says it has reached an agreement in principle with the shareholders of Fasthosts.

The company says the takeover will extend United Internet’s existing activities in the UK, as Fasthosts is one of the country’s leading Web hosting providers.

The transaction was approved Tuesday by the relevant corporate bodies of United Internet. The payment will be made entirely in cash, and the deal is expected to take place within the month of May.