@Ventures Portfolio Company's (CMGI) Generations Network Being Acquired By Spectrum Equity
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@Ventures Portfolio Company, the venture capital business of CMGI Inc. (Nasdaq: CMGI) announced today that a company inside its venture capital portfolio, Generations Network Inc, has signed an agreement to be acquired by Spectrum Equity Investors. Spectrum will need to make an investment of $300 million in order to purchase the majority stake in Generations Network.
CMGI expects to receive initial proceeds of approximately $14.0 million in its second fiscal quarter as a result of this transaction. CMGI may receive additional proceeds of up to $0.7 million, assuming there are no claims against proceeds to be held in escrow.
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