US Internet service provider Mindspring has bought the Netcom arm of ICG Communications for $215 million (#130 million) in cash and $30 million (#18 million) in stock, acquiring 400,000 Netcom subscribers in the process.
ICG, a local telco in the US, bought Netcom in October 1997 for $283 million (#170 million) as a way of building up its data network. The deal gives Mindspring the rights to the Netcom name, and also includes some business customers and hosted Web sites. Mindspring, founded in 1994, will now boast more than one million dial-up customers.
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