Microsoft announces first major deal since Yahoo! failure

Source: Exec Digital USA

Date :8/29/2008 12:31:00 AM

Microsoft has today, August 29, announced its first major deal since failing to buy Yahoo Inc, agreeing to acquire web-based survey company Greenfield Online Inc for around US$486 million.

The deal gives Microsoft access to Greenfield's Ciao.com, a popular price comparison and consumer reviews site in Europe.

The US$17.50-per-share offer betters an earlier proposal by Quadrangle Group to acquire the company for US$15.50 a share.

Microsoft said it will sell off Greenfield Online's main business Internet Survey Solutions (ISS), which accounts for about 75 percent of the company's overall revenue.

Microsoft did not name the buyer.

"Acquiring one of Europe's leading price comparison, shopping and consumer reviews sites will further extend Microsoft's search and ecommerce services in Europe," stated Tami Reller, Corporate Vice President & CFO for Windows and Online Services, Microsoft Corporation.

Microsoft and Greenfield expect both deals to close during the fourth quarter of 2008.