Asia Online to buy majority stake in two Indian Cos
The Economic Times, August 7, 2000 Asia Online is picking up majority stake in India Domain Web Services and Pugmarks Interweb in a cash-cum-stock deal. The US-registered finance and holding company established in early 1999 to build a Pan-Asia Pacific network of Internet companies, will pay the promoters / shareholders of the two Indian companies equivalent of $7.5 million in cash and swap the shares of the local companies with common stock of Asia Online, USA.
Backed by Soft Bank, JP Morgan, G E Capital and several other major investors, Asia Online proposes to become the Asia Pacific region's largest and best-equipped supplier of Internet business solutions.
The acquisitions of the two companies are the first of a string of buyouts planned by Asia Online in the country. It has already acquired several internet companies in Hong Kong, Malaysia, Australia and New Zealand.
Asia Online India was established as a wholly owned subsidiary with capital base of $ 5 million earlier this year.
India Domain Web Services is an unlisted Hyderabad-based company engaged in Software development, web designing and web hosting. Asia Online proposes to acquire 67 % stake in this company. The cash investment by Asia Online will be in the order of $610,000. | |
