LYCOS Europe N.V. announces the disposal of united-domains AG
Haarlem / Netherlands, December 12, 2008 – LYCOS Europe N.V. (“LYCOS”) today announces the disposal of united-domains AG (“the Transaction”).
As announced earlier today the Extraordinary Meeting of Shareholders approved inter alia a sale of Lycos’s Domains Business. After the Extraordinary Meeting of Shareholders Lycos has reached an agreement with United Internet regarding a sale of the Domains Business.
For this transaction united-domains AG was valued at 34 million euro. The final purchase price will be determined once the 2008 financial statements of united-domains AG are available and based on a reconciliation calculation as of the effective date/Closing. The purchase price will completely be paid in cash and 7 million euro of the purchase price will be put into an escrow account as security for Lycos’s obligations from the sale. The escrow shall be released in 2014 the latest.
Closing of the transaction is subject to competition clearance and expected to occur in the first quarter of 2009.