TSIGcom Buys 85% of GeneralSearchcom for $53.4 Mln
St. Petersburg, Florida, Aug. 24 (Bloomberg) -- TSIG.com, an Internet marketing company, said it bought 85 percent of GeneralSearch.com for $53.4 million in stock to gain its search engine, Internet portal and programmers.
TSIG.com, based in St. Petersburg, Florida, paid 38 million newly issued shares yesterday for West Chicago, Illinois-based GeneralSearch.com. TSIG said it would issue another 7 million shares to buy the rest of GeneralSearch.com, which has access to a database of more than 100 million links and has more than 1,000 Internet-based affiliates including Amazon.com Inc.
The combined company is expected to have $110 million in sales this year. TSIG.com, which offers discount shopping cards marketed under the myCard brand, has customers including Coca-Cola Co. and German airline Deutsche Lufthansa AG. It has 22 programmers on staff. The value of the transaction is based on TSIG.com's closing price of 1.406 yesterday.
TSIG.com shares rose 9.4 cents, or 6.7 percent, to 1 1/2 in over-the-counter trading. They have risen 90 percent this year.
Aug/24/2000 16:09 ET |
