Home > techcrunch > Liberty Exchanges IAC Stake For Evite, Gifts.com And $220 Million In Cash

Liberty Exchanges IAC Stake For Evite, Gifts.com And $220 Million In Cash

December 2nd, 2010 12:10 admin Leave a comment Go to comments

Big move for Liberty Media and Barry Diller’s IAC today. The former has exchanged its entire equity stake in the Internet company for a combination of assets and cash in a transaction intended to be tax-free to both companies. Liberty has exchanged approximately 12.8 million shares of IAC stock for all of the capital stock of a wholly-owned subsidiary of IAC that holds the Evite and Gifts.com businesses, and approximately $220 million in cash.

Barry Diller is also stepping down as IAC’s CEO, and will be replaced by Greg Blatt, formerly Match.com’s chief executive.

(Updates on the way)

Source: Liberty Exchanges IAC Stake For Evite, Gifts.com And $220 Million In Cash

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