NBC Internet (Nasdaq: NBCI) plans to buy a business website for $225 million in stock.
After market close Tuesday, NBCi unveiled a proposal to buy AllBusiness.com for about $225 million in stock, with NBCi assuming all outstanding options of AllBusiness, whose website features business resources. The deal is expected to close by the end of the first quarter, the companies said.
Shares of NBCi closed Tuesday's regular trading at 91 3/8, down 3 3/4 for the session. The actual number of shares to be issued hasn't been determined yet, because the $225 million figure represents the agreement's value at the time of closing.
AllBusiness will add to NBCi's business content, which alredy includes the ComFind business directory and the Snap Business Network. "We believe AllBusiness.com will provide a particularly broad platform from which we can develop and integrate our ongoing opportunities," said Chris Kitze, CEO of NBCi.
Alan Braverman, president of NBCi's business-to-business division and formerly Internet analyst with Banc of America Securities, will oversee the integration of AllBusiness.>