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ZDNet: Corel to sell its Linux arm

Dec 14, 2000, 21:56 (10 Talkback[s])
(Other stories by Mary Jo Foley)

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"According to industry sources, New York venture capitalist firm Linux Global Partners (LGP) is poised to sign a letter of intent to purchase Corel's Linux business. The dollar value of the deal was not known."

"But one source said that Corel would receive $5 million in cash for its Linux arm, plus retain 20 percent rights to the new LGP-owned Linux company...."

"Some industry watchers, however, predicted that Corel would dump Linux as soon as Cowpland exited. They said that the software maker -- which cut 320 jobs this summer to save money -- needed cash more than it needed Linux."

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