Eleven and a half years after Israeli start-up ICQ was bought by Internet giant AOL for $407 million, AOL has sold the instant messaging company to Russian investment company DST.
AOL has been trying for some time now to sell the company, and there have been media reports of various negotiations over recent months. After extended talks, AOL said today that it would sell the company to DST for $187.5 million. Earlier reports had DST offering $200-300 million for the company.
Two other Russian companies apparently were interested in ICQ - technology investment firm ProfMedia, which offered $120 million, and Internet company Tencent.
The sale is apparently part of the decision by new AOL CEO Tim Armstrong to sell all Internet holdings that are not in line with the company's strategy.
ICQ was created in 1996 by Israeli company Mirabilis. AOL acquired the assets of Mirabilis, primarily ICQ, in June 1998.
Published by Globes [online], Israel business news - www.globes-online.com - on April 28, 2010
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