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CMGI agrees to buy majority stake in AltaVista

Published on .

Andover, Mass.--CMGI, an Internet investment firm, agreed Tuesday to buy an 83% majority stake in AltaVista from Compaq Computer Corp., Houston, Texas, in a stock deal worth about $2.3 billion. In the deal, Compaq Computer Corp. gained a 16.4% equity stake in CMGI and will maintain 17% equity ownership in AltaVista. CMGI plans an initial public offering for AltaVista, a Web site primarily known for its search engine, according to The Wall Street Journal.
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