Microcell Completes Sale of Saraide to Infospace

Infospace.com has completed the acquisition from Microcell Telecommunications Inc. (Montreal, Canada) of an 80% interest in Saraide. The transaction, completed on March 10, follows the announcement of a definitive agreement on Dec. 6, 1999, by Infospace.com to purchase Saraide.

Under the terms of the transaction agreement, Microcell received approximately 1.1 million Infospace.com shares and retained a 4.8% ownership interest in the combined company, which merges Saraide's existing operations with Infospace's wireless service business and related intellectual properties. The new combined company ('Saraide') should enable Microcell to deliver a previously unreachable range of e-commerce services for wireless users.

Edited by Ellen Jensen