Excite@Home buys iMall for $425 million

Excite@Home, a high-speed Internet access provider controlled by AT&T, will buy iMall for about $425 million in stock as it adds to its online shopping offerings.

Feb. 6, 2002 7:19 a.m. PT

Excite@Home, a high-speed Internet access provider controlled by AT&T, will buy iMall for about $425 million in stock as it adds to its online shopping offerings.

Excite@Home will issue about 8.3 million shares to iMall shareholders, who will receive 0.46 share for each share. The transaction values iMall at about $23.69 a share. Excite@Home fell 2.31 to 51.5 yesterday, while iMall rose 2.06 to 22.31.

Redwood City, California-based Excite@Home had sales of $154 million last year, while Santa Monica, California-based iMall had sales of $1.6 million. Neither company is profitable.