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Network Solutions Completes Sale to Web.com
Paul, Weiss advised Network Solutions, a General Atlantic LLC portfolio company, in its sale to Web.com for $405 million in cash and 18 million shares of Web.com common stock. In addition, Web.com refinanced certain credit facilities and paid certain expenses of Network Solutions relating to the transaction. The transaction will position the combined end-to-end web solutions company to capitalize on the more than $19 billion online services market for small and medium businesses.
Following the closing, which occurred on October 27, Paul, Weiss client General Atlantic, the majority equity holder of Network Solutions, and other former Network Solutions equity holders own approximately 38 percent of Web.com. Anton Levy, a managing director of General Atlantic, will join Web.com's board of directors.
The Paul, Weiss team involved in the transaction includes corporate partners Matthew W. Abbott, Neil Goldman, John C. Kennedy and Dale M. Sarro; antitrust partner Joseph J. Simons and counsel Didier Malaquin; employee benefits partner Robert C. Fleder and counsel Reuven Falik; environmental counsel William J. O'Brien; intellectual property counsel Claudine Meredith-Goujon; tax partners Richard J. Bronstein and David W. Mayo; and real estate partner Peter E. Fisch.