VeriSign to Sell Network Solutions

VeriSign, Inc. (VRSN) , the leading provider of critical infrastructure services for the Internet and telecommunications networks, today announced it has signed a definitive agreement to sell the Network Solutions business unit to Pivotal Private Equity. Under the terms of the agreement, VeriSign will receive approximately $100 million, consisting of $60 million in cash and a $40 million senior subordinated note. VeriSign will also retain a 15% equity stake in Network Solutions. The transaction is subject to certain closing conditions and is anticipated to close in the fourth quarter. [CBS MarketWatch]

In case you’ve forgotten, Verisign initially acquired Network Solutions for 21 Billion!!!!!!!!

This is actually only 60 Million in cash… and for the Registrar (the seller of domains) not the Registry, the keeper. Tools like SiteFinder will most likely keep on coming as Verisign will still be able to retain control of their kingdom.

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