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BW: Red Hat Completes C2Net Acquisition for Approximately $42.7 Million

Sep 13, 2000, 21:09 (0 Talkback[s])

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"Red Hat, the leader in open source Internet infrastructure solutions, completed the acquisition of privately-held C2Net Software, Inc., the developer of the popular Apache-based Stronghold secure web server. C2Net's Stronghold, which is available for many operating system platforms, is the most popular commercial SSL Web server on the Internet with more than 30 percent of the secure web server market."

"The transaction was valued at approximately $42.7 million based on an average closing price of Red Hat's common shares for a seven-day period ended August 16, 2000. Under the terms of the transaction, Red Hat issued 1,992,877 shares of Red Hat common stock in exchange for all of the outstanding securities of Oakland, California-based C2Net. The acquisition has been accounted for as a purchase."

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