Monday, October 15, 2007

InfoSpace Sells Mobile Services To Motricity For $135M

Bellevue, Washington-based InfoSpace said this morning that it is in a definitive agreement to sell its mobile services business, to Motricity. The deal is worth $135M in cash. InfoSpace said that the deal will result in the company being solely focused on online search, and that after the sale it will have an excess of $550M in cash. InfoSpace said it expects to return a significant amount of the proceeds of the sale to its shareholders. InfoSpace is being advised by Credit Suisse Securities and Wilson Sonsini Goodrich & Rosati in the deal.