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Firm cashes out 1.2M Google shares
Executive search firm Heidrick & Struggles sells shares for profit of $129M a month after IPO.
September 17, 2004: 8:55 AM EDT

NEW YORK (CNN/Money) - Executive search firm Heidrick & Struggles and some of its top executives have sold all 1.2 million shares of Google they bought for 30 cents a share less than a month ago, splitting profits of $128.8 million from the sale.

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The firm received the right to buy the shares at that 30-cent price as part of a recruiting job it did for search engine Google in 2001. It sold the shares this week for an average price of $108.22, less expenses.

Heidrick & Struggles (HSII: Research, Estimates) said 55 percent of the net proceeds of the sale is payable to its consultants involved with the search, according to a statement filed Friday with the Securities and Exchange Commission.

Current Heidrick & Struggles CEO Thomas Friel, one of the consultants who worked on that 2001 search, will receive 25 percent of the consultant team's share, though he's chosen to defer receipt of his share of the net proceeds under an existing deferred compensation plan.

Google had its initial public offering Aug. 19 with a offering price of $85 and a first-day gain of 18 percent.  Top of page

-- Reuters contributed to this story.



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