VeriSign acquires Network Solutions for $21 bil

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VeriSign, an Internet security company, is acquiring Network Solutions, a provider of Internet domain name registration and global registry services, in an all-stock transaction. The merged company will provide a full package of services for companies, from site registry to e-commerce activities. The transaction is valued at approximately $21 billion based on the March 6 closing price of VeriSign common stock; Network Solutions will become a subsidiary of VeriSign, with Jim Rutt continuing to serve as Network Solutions' CEO, reporting to Stratton Sclavos, president-CEO of VeriSign.

Copyright March 2000, Crain Communications Inc.

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