CMGI to Acquire Online Auction Site Ubid.Com
Internet venture company CMGI Inc., Andover, MA, will acquire uBid Inc., owner of the uBid.com online auction and e-commerce Web site in a stock swap worth about $407 million.
Based in Elk Grove Village, IL, uBid.com is reportedly the No. 2 auction site on the Web behind eBay Inc. in terms of visitor traffic.
CMGI, with a portfolio of 60-plus Internet companies, said it plans to boost uBid.com’s growth by distributing offerings from other CMGI firms through uBid.com. CMGI also said it would use its other Internet sites to drive traffic to uBid.com.
UBid.com’s online auction service sells computer equipment, electronics, jewelry, clothing, appliances and travel services, among other items, to consumers and businesses.
The deal, which is expected to close in May, must be approved by shareholders and regulators, CMGI said.
