VeriSign Sells Network Solutions Business

VeriSign (VRSN Quote) said before the market opened Thursday that it will sell 85% of its Network Solutions business to Pivotal Private Equity for $60 million in cash and a $40 million senior subordinated note. The company will retain a 15% equity stake in Network Solutions, which it acquired in 2000.

Mountain View, Calif.-based VeriSign will also retain the Internet registry business of Network Solutions, which is the address directory for the Web sites ending in .com and .net and handles more than 10 billion interactions per day. ...