CMGI, a diversified Internet operating company, completed its acquisition of a majority stake in AltaVista. Through the transaction, Compaq Computer Corp. transferred 83% equity ownership in AltaVista to CMGI. Compaq retained 17% equity ownership in AltaVista and continues to hold a board seat. In return, Compaq received 19 million CMGI common shares, CMGI preferred shares equivalent to 1.8 million CMGI common shares and a $220 million three-year note to Compaq. Compaq also is taking a seat on the CMGI board and plans to announce its nominee for this new position shortly.
Copyright August 1999, Crain Communications Inc.