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The new AltaVista

Betting that it will float the next white-hot Internet IPO, Compaq spins off AltaVista. Meanwhile, Microsoft gets in on the action.

Betting that it will float the next white-hot Internet IPO, Compaq spins off its Web directory, AltaVista, into a subsidiary company. Meanwhile, Microsoft gets in on the action by announcing that it will license Hotmail as AltaVista's email client, in exchange for an AltaVista-powered back-end search engine on its MSN portal.

Compaq spins off AltaVista
update Compaq says it will spin off its Web directory AltaVista to create a subsidiary, the AltaVista Company, which it intends to take public.

Microsoft wants piece of portal pie
The software giant is launching an initiative to begin licensing its Web properties to other Web portals, starting by licensing Hotmail to AltaVista.

Compaq likely to spin off AltaVista
update The computer maker is expected to announce tomorrow that it will spin off the portal with the intention of pursuing an initial public offering, one source says.

Yahoo up on Compaq-AltaVista deal
update The top portal site's stock rises as much as 11 percent on optimism that it will benefit from demand for Web companies spurred by Compaq's decision to sell AltaVista shares.