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Verisign to sell Network Solutions

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Mountain View, Calif.--Verisign announced it has agreed to sell its Network Solutions business to Pivotal Private Equity in a $100 million cash and debt deal.

Verisign, which will retain a 15% stake in the unit, plans to concentrate on its core business of Internet security and naming and directory services. The deal is expected to close in the current quarter.

Network Solutions provides domain name registrations, as well as e-mail and Web services. It recently came under fire from the Internet Corporation for Assigned Names and Numbers and other industry groups for alleged deceptive marketing practices tied to domain name registration. Last month, Network Solutions settled with the Federal Trade Commission over earlier complaints.

Pivotol Private Equity will take over the sale of .com and .net domains in addition to its online services.

--Carol Krol

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