Silverline Technologies to Acquire SeraNova for $99 Million in Stock - TheStreet

Silverline Technologies

(SLT) - Get Report

, a software and IT services provider, plans to acquire Internet services firm

SeraNova

(SERA)

for about $99 million in stock.

The exchange ratio of SeraNova shares to Silverline's ADRs has been fixed at 0.35. Silverline said the deal would create a company with combined revenue of about $175 million, based on figures for the year ended June 30.

The companies expect to close the transaction by the beginning of 2001.

Shares of SeraNova were recently down 38 cents, or 8.5%, to $4.06, while Silverline was down 44 cents, or 2.8%, to $15.44.