Wednesday, July 28, 2004
Terra finds buyer for Lycos | CNET News.com:
"Last modified: July 28, 2004, 6:25 AM PDT - By Reuters
Spanish Internet service provider Terra Lycos is finalizing a deal to sell its U.S. portal business to a South Korean company for a price above its book value of $75 million, the Spain-based newspaper Expansion said Wednesday.
The board of Terra, Europe's third largest Internet service provider, approved the sale at a meeting on July 22, the newspaper said, but a few details remain unresolved. It did not name the Korean company involved in the deal.
A Terra Lycos representative had no comment.
Web portal Lycos was put up for sale in April at an asking price of $170 million with investment bank Lehman Brothers acting as its adviser, Expansion said.
A company representative had said last month that Terra, 72 percent controlled by Telefonica, had received four bids for Lycos. Terra bought Lycos for $12.5 billion in an all-stock deal in May 2000, at the height of the Internet boom. It wrote off goodwill on the deal in 2002.
Terra expects to post its first profit in 2005. "
"Last modified: July 28, 2004, 6:25 AM PDT - By Reuters
Spanish Internet service provider Terra Lycos is finalizing a deal to sell its U.S. portal business to a South Korean company for a price above its book value of $75 million, the Spain-based newspaper Expansion said Wednesday.
The board of Terra, Europe's third largest Internet service provider, approved the sale at a meeting on July 22, the newspaper said, but a few details remain unresolved. It did not name the Korean company involved in the deal.
A Terra Lycos representative had no comment.
Web portal Lycos was put up for sale in April at an asking price of $170 million with investment bank Lehman Brothers acting as its adviser, Expansion said.
A company representative had said last month that Terra, 72 percent controlled by Telefonica, had received four bids for Lycos. Terra bought Lycos for $12.5 billion in an all-stock deal in May 2000, at the height of the Internet boom. It wrote off goodwill on the deal in 2002.
Terra expects to post its first profit in 2005. "
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