VeriSign to Sell Messaging Business to Syniverse Holdings, Inc. for $175 Million Cash
25 August 2009 - 9:35PM
Marketwired
VeriSign, Inc. (NASDAQ: VRSN) today announced a definitive
agreement to sell its Messaging Business to Tampa, Fla.-based
Syniverse Holdings, Inc. (NYSE: SVR), for cash consideration of
$175 million, subject to working capital adjustments. The
transaction is subject to certain closing conditions and regulatory
approvals.
"Even under challenging economic conditions, we have continued
to execute on our divestiture strategy through aligning with buyers
with complementary strengths," said Mark McLaughlin, president and
CEO of VeriSign. "We are pleased to continue making progress on our
divestiture program with this latest agreement with Syniverse."
About VeriSign
VeriSign, Inc. (NASDAQ: VRSN) is the trusted provider of
Internet infrastructure services for the networked world. Billions
of times each day, VeriSign helps companies and consumers all over
the world engage in communications and commerce with confidence.
Additional news and information about the company is available at
www.verisign.com.
VRSNF
Statements in this announcement other than historical data and
information constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements involve risks and uncertainties that could cause
VeriSign's actual results to differ materially from those stated or
implied by such forward-looking statements. The potential risks and
uncertainties include, among others, the uncertainty of future
revenue and profitability and potential fluctuations in quarterly
operating results due to such factors as increasing competition and
pricing pressure from competing services offered at prices below
our prices, market acceptance of our existing services and the
current global economic downturn, the inability of VeriSign to
successfully develop and market new services, the uncertainty of
whether new services as provided by VeriSign will achieve market
acceptance or result in any revenues and the risk that the sale of
the VeriSign Messaging Business may not be consummated or may be
delayed as a result of the inability to obtain required regulatory
approvals or other reasons, may generate less proceeds than
expected or may incur unanticipated costs or otherwise negatively
affect VeriSign's financial condition, results of operations or
cash flows. More information about potential factors that could
affect the company's business and financial results is included in
VeriSign's filings with the Securities and Exchange Commission,
including in the Company's Annual Report on Form 10-K for the year
ended December 31, 2008. Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. VeriSign undertakes no obligation to update
any of the forward-looking statements after the date of this press
release.
Contact Information: Media relations: Christina Rohall
crohall@verisign.com 650-336-4663 Investor Relations: Nancy Fazioli
ir@verisign.com 650-426-5146
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