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Article: Terra Networks Agrees to the Sale of Lycos Inc. to Daum Communications.
- Article from:
- PR Newswire
- Article date:
- August 2, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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- The Total Transaction Is Valued At $540 Million
Terra Networks S.A. and Daum Communications Corp., Korea's leading Internet portal, have reached an agreement by which the former sells to the latter the entire stock of Lycos Inc., a Terra subsidiary, in execution of the resolutions approving the operation adopted by the Boards of Directors of those companies. The agreement follows the conclusion of a competitive sale process undertaken at the instance of Terra and headed by the investment bank Lehman Brothers who acted as financial advisor to Terra.
The operation does not include Terra Networks USA, or Terra's stake in Lycos Europe. Terra will retain ...