VeriSign to Sell Network Solutions Business to Pivotal Private Equity
.com and .net Registry and Naming and Directory Services Infrastructure to Remain with VeriSign as Cornerstone of Internet Infrastructure Business
Mountain View, CA, October 16, 2003 VeriSign, Inc, the leading provider of critical infrastructure services for the Internet and telecommunications networks, today announced it has signed a definitive agreement to sell the Network Solutions business unit to Pivotal Private Equity. Under the terms of the agreement, VeriSign will receive approximately $100 million, consisting of $60 million in cash and a $40 million senior subordinated note. VeriSign will also retain a 15% equity stake in Network Solutions. The transaction is subject to certain closing conditions and is anticipated to close in the fourth quarter.