Overture to Acquire AltaVista
Overture Services has announced that it will acquire AltaVista, an Internet search engine, for $60 million in cash and $80 million in common stock. Overture sells advertising space that appears along with Web search results. The acquisition of AltaVista will broaden Overture's ability to offer "algorithmic search" capability, which Overture plans to license to its Web-based partners that include MSN, Yahoo, and AOL Europe. The deal is expected to close by April 2003.
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