VeriSign and First Data win CyberCash bid

VeriSign and First Data win CyberCash bid

Electronic payments processor CyberCash, Inc. has announced that the successful bid for the company's operating assets at the auction held April 11, 2001, was submitted jointly by a group consisting of VeriSign, Inc. and First Data Merchant Services.

The bid of $20.4 million is now subject to approval by CyberCash's board of directors and the bankruptcy court. Closing is scheduled for May 1, 2001.

The transaction excludes CyberCash's financial assets, including CyberCash's interest in CyberCash K.K., its Japanese payment processing joint venture with SoftBank, as well as CyberCash's investments in Commission Junction, X.com and Outbounders, Inc. (formerly UUCom). CyberCash intends to sell these financial assets through subsequent auctions in the next 60 days.

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