CNN/Money  
graphic
News > Technology
graphic
AltaVista changes hands
CMGI, which bought AltaVista for $2.3B, gives it up to Overture for $140 million.
February 18, 2003: 6:39 PM EST

NEW YORK (CNN/Money) - Internet search engine Overture Services, Inc. said Tuesday it agreed to pay CMGI $140 million in cash and stock for AltaVista, a Web portal that was sold for more than $2 billion during the Internet boom

CMGI, an Internet investment firm, bought AltaVista in a $2.3 billion stock swap in June, 1999.

News of the deal, released after the closing bell, sent shares of Andover, Mass-based CMGI (CMGI: Research, Estimates) up 24 cents, or 29 percent , to $1.07. But Overture (OVER: Research, Estimates) tumbled $1.87, to 8.7 percent, to $20.90 in late trading.

Overture, based in Pasadena, Calif, said it will pay AltaVista in Overture common stock currently valued at $80 million, plus $60 million in cash. Overture will assume some of AltaVista's debt.

Overture said AltaVista's advanced algorithmic search technology, which crawls the Web and returns relevant search results in response to users' queries, complements Overture's market-leading technology in commercial search. Overture provides pay-for-performance search results to partners like Yahoo Inc.

The purchase is expected to close in April and add to Overture's earnings by mid-2004.

CMGI shares traded above $50 when the company agreed to buy an 83 percent stake in AltaVista from Compaq Computer.  Top of page




  More on TECHNOLOGY
You can buy a Sony-style hack
The CNNMoney Tech Gift Guide
Google sues to stop Hollywood threats
  TODAY'S TOP STORIES
All Sony wants for Christmas is ...
The top 10 money stories of 2014
Bruce Willis' favorite Russian bank collapses




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.