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VeriSign, Illuminet join
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September 24, 2001: 7:03 a.m. ET
Internet domain registrar inks $1.2B deal for communications services firm
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NEW YORK (CNNfn) - Internet domain registrar VeriSign Inc. said Monday it has entered an agreement to buy Illuminet Holdings Inc., a provider of network connectivity and services to telecommunications carriers, in an all-stock deal worth $1.2 billion.
With the acquisition, VeriSign is seeking a dominant role in the emerging market for integrated voice and data services, VeriSign President and Chief Executive Stratton Sclavos said in an interview on Sunday.
Under terms of the agreement, VeriSign (VRSN: Research, Estimates) would exchange 0.93 share or option of a share for VeriSign common stock for each outstanding share and option of Illuminet. VeriSign would also assume Illuminet's (ILUM: Research, Estimates) outstanding employee stock options.
Based on VeriSign's closing stock price of $38.30 a share Friday, the deal represents a 9 percent premium over Illuminet's closing price of $34.98 a share.
The deal is expected to close late in the fourth quarter or early in the first quarter of 2002, the companies said.
Acquiring Illuminet, which provides intelligent network and signaling services to communications carriers, expands VeriSign's digital trust services portfolio, which provides look-ups for more than 5 billion domain names, secure e-commerce transactions and database queries. 
from staff and wire reports
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