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Yahoo! acquires Viaweb
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June 8, 1998: 12:41 p.m. ET
Internet giant buys developer of Web commerce tools for $49M in stock
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NEW YORK (CNNfn) - Yahoo! Inc. said Monday it has agreed to acquire Viaweb Inc., a privately held developer of Internet commerce tools.
The $49 million acquisition is part of Yahoo!'s strategy to offer tools that allow small and medium-sized businesses to build, promote and operate online storefronts.
Under the terms of the agreement, Yahoo! will issue approximately 455,000 shares of its common stock in exchange for all outstanding Viaweb shares, options and warrants. Yahoo! said it expects to incur a one-time charge of approximately $45 million in the second quarter
The companies expect the acquisition to be completed by the end of June.
With the Viaweb acquisition, Yahoo! on Monday launched the Yahoo! Store, which lets users create, publish and manage secure online stores.
Yahoo! Store is based on the Viaweb Store service.
Shares of Yahoo! (YHOO) gained 15/16 to 105-15/16 in midday trading.
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Yahoo! Inc.
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