Fast Search & Transfer ASA sells Internet business unit to Overture Services Inc

Nordic Business Report, Feb 25, 2003

NORDIC BUSINESS REPORT-25 February 2003-Fast Search & Transfer ASA sells Internet business unit to Overture Services Inc(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com

The Norwegian search and filter technology solutions provider Fast Search & Transfer ASA said today (25 February) that it had entered into an agreement to sell its Internet business unit to the US company Overture Services Inc.

The deal would include FAST Web Search, AlltheWeb.com and FAST PartnerSite.

The purchase consideration comprised a fixed payment of USD70m and performance-based additional payments of up to USD30m over the next three years, Fast Search & Transfer said.

After the deal, expected to be closed by April, Fast Search & Transfer is to focus exclusively on the enterprise search business.

One US dollar (USD) is worth approximately 0.62 British pounds (GBP).

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