Overture Purchases Web Unit from Fast Search

by Sabrina I. Pacifici on February 26, 2003

Overture Services, Inc. has made its second major Internet search engine acquisition in one week’s time. On February 18, the company announced the purchase of AltaVista for $140 million in cash and stock. On February 25 came the announcement of the acquisition of the FAST Web Search(TM) algorithmic search, AlltheWeb.com(TM), and FAST PartnerSite(TM) paid inclusion services from Oslo, Norway-based Fast Search & Transfer. The deal is for $70 million in cash, as well as an additional $30 million from a three year incentive plan.

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