November 26, 2003 — (WEB HOST INDUSTRY REVIEW) — VeriSign Inc. (verisign.com) said late Monday that it has completed the sale of Network Solutions (networksolutions.com), its domain name registration business, to Pivotal Private Equity.
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VeriSign announced on October 16, 2003 a definitive agreement to sell Network Solutions to Pivotal Private Equity for $100 million. According to VeriSign, the company would receive approximately $100 million, consisting of $60 million in cash and a $40 million senior subordinated note under the agreement.
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VeriSign said it would retain a 15 percent stake in the company.
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The transaction is expected to close in the fourth quarter of 2003.
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Pivotal Private Equity recently agreed to purchase the assets of Pacific Crossing Ltd., the undersea fiber optic network connecting the US and Japan. The acquisition of Network Solutions, according to Jahm Najafi, CEO of Pivotal Private Equity, is intended to complement this transaction.
