CMGI and Cable & Wireless plc Complete Share Exchange ANDOVER, Mass.--(BUSINESS WIRE)--Aug. 25, 2000--CMGI, Inc. (Nasdaq: CMGI - news), in accordance with an agreement first announced in February of this year, has completed a share exchange of $500 million in shares of CMGI common stock for $500 million in shares of Pacific Century CyberWorks (PCCW) with Cable & Wireless plc. In the transaction, CMGI issued to Cable & Wireless 13,413,816 shares of CMGI common stock in exchange for 241,013,597 shares of PCCW. Cable & Wireless received its PCCW shares in connection with the acquisition by PCCW of Cable & Wireless HKT, completed on August 17, 2000. Giving effect to the transaction, Cable & Wireless holds approximately 3.9% of CMGI's outstanding common shares.
The shares of PCCW stock received by CMGI in the share exchange are freely tradeable without restriction. If requested, CMGI will be required to register up to 50% of the shares of CMGI common stock issued to Cable & Wireless in the share exchange beginning six months after the closing and may be required to register any remaining shares beginning 12 months after the closing.
About CMGI and CMGI @Ventures
With nearly 70 companies, CMGI, Inc. (Nasdaq: CMGI - news) represents the largest, most diverse network of Internet companies in the world, including both CMGI operating companies and synergistic investments made through its venture capital affiliate, CMGI @Ventures. CMGI leverages the technologies, content and market reach of its extended family of companies to foster rapid growth and industry leadership across its network and the larger Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.
CMGI's majority-owned operating companies include Engage (Nasdaq: ENGA - news), NaviSite (Nasdaq: NAVI - news), 1stUp.com, Activate, AdForce, AltaVista, CMGIon, CMGI Solutions, Equilibrium, ExchangePath, iCAST, MyWay.com, NaviPath, SalesLink, Tribal Voice, uBid.com, and yesmail.com. CMGI @Ventures has ownership interests in 52 companies, including Lycos, Inc. (Nasdaq: LCOS - news), Critical Path (Nasdaq: CPTH - news), MotherNature.com (Nasdaq: MTHR - news), Ventro (Nasdaq: VNTR - news) and Vicinity (Nasdaq: VCNT - news).
CMGI's corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. CMGI @Ventures maintains offices in Andover, as well as at 3000 Alpine Road, Menlo Park, CA 94028. For additional information, see http://www.cmgi.com and http://www.ventures.com.
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