Stockholders of Lycos and Terra Networks approved the combination of the Internet provider and portal to create Terra Lycos. Upon completion of the combination, Lycos stockholders will receive 2.15 Terra shares for every Lycos share currently owned. The new company will launch with approximately $3 billion in cash, a presence in 40 countries and 91 million unique monthly visitors, company executives said in a written statement. Terra and Lycos have strategic partnerships around the world with Bertelsmann, Telefonica Moviles, Singapore Telecom, Bell Canada, Grupo Reforma, Sumitomo, Mirae and BBVA. Upon completion of the combination, Joaquim Agut, executive chairman of Terra, will serve as executive chairman of Terra Lycos, and Bob Davis, Lycos president-CEO Lycos, will be CEO of Terra Lycos.
Copyright October 2000, Crain Communications Inc.