Excite Europe mulls $3.2 bln IPO
By Ivar Simensen, CBS MarketWatch
Last Update: 3:46 PM ET Apr 2, 2000 NewsWatch
LONDON (CBS.MW) -- Excite Europe, the Internet search engine, is reportedly considering an initial public offering to fund its expansion plans.
Such a move could potentially raise 2 billion pounds ($3.2 billion), the Observer newspaper reported on Sunday.
Excite Europe is a subsidiary of the U.S. search engine ExciteAtHome (ATHM: news, chart), partially owned by AT&T (T: news, chart), Cox Communications Inc. (COX: news, chart) and Comcast Corp. (CMCSK: news, chart). Its core business in Britain is Excite.co.uk, a joint venture with British Telecommunications PLC (BTY: news, chart).
"An initial public offering is something we are thinking about, but it's not the only way (to raise cash to finance expansion)," the newspaper quoted Excite Europe Managing Director Evan Rudowski as saying. Rival Lycos Inc. (LCOS: news, chart) launched a public offering of shares in its European joint venture with Bertelsmann AG earlier this month, raising some $649 million.
Ron Dior |
