July 13, 2005

Web hosting company Via Net.Works announced late yesterday that it had completed the sale of its Amen Group divisions and its Via US, Dutch and Portuguese operations to Claranet for $9.3 million.

The sale does not include Via's operations in Spain and Germany and the PSINet Europe division.

The deal has been revised from the original agreement announced in April. In the earlier deal, Claranet was to acquire all of Via's European and US businesses, including PSINet Europe.

Via says the sale gives it additional liquidity and plans to use the proceeds from the sale to retire debt, make termination payments to former employees and to fund its remaining operations.

Via announced a few weeks ago that it had postponed its shareholder meeting from June 29 to July 22. The meeting was delayed in order to allow Via to seek additional shareholder votes in favor of the deal.

Source: The WHIR