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Web Host Via Completes Sale |
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Monday, 02 May 2005 |
Web hosting provider Via Net.Works (vianetworks.com) announced on Monday that it had executed definitive agreements to sell its operations to European Web host Claranet (claranet.com) for $26.4 million in cash.
With the deal, Claranet picks up all of Via's US and European operations, which include Amen (amenworld.com) and PSINet Europe – both acquired by Via last year. Via will be responsible for its own corporate headquarters staff, other than those employees offered employment by Claranet, and all liabilities and expenses of the group parent. The sale is subject to approval by Via shareholders.
"We are pleased to come to final agreements with Claranet and look forward to completion of the transaction," says Ray Walsh, chief executive officer of Via. "This is a good result for Via's shareholders in light of our previously announced cash situation. Our customers will benefit from the renewed stability and commitment that Claranet will bring to the combined group of companies."
After the deal is concluded, Via says it will initiate a process to wind up its operations and pay off its liabilities and other amounts owed. Remaining funds will be distributed to its shareholders.
The deal, originally announced on April 11, sparked a strike by staff of Via's subsidiary Amen in France, Spain and England on April 14. Employees took the strike action because they were unhappy over the lack of guarantees for their employment in the acquisition negotiations. The Monday press release did not specifically mention the status of employees at Via and its subsidiaries.
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Last Updated ( Monday, 14 April 2008 )
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