Micron Leaving PC Business and Acquiring Hosting Firm Interland

📅 March 26, 2001 - Micron Electronics Inc. said that it is working out a deal to sell its ailing personal computer making business. The company said it plans to refashion itself as a Web hosting services provider by acquiring hosting company Interland Inc. (interland.com ) in a $130 million stock deal.

Micron Electronics said that it has signed a letter of intent to sell its PC business to what it described as a large, privately held information technology investment company. Micron Electronics would not disclose the name of the company, however, or the amount of the sale, as it is still working out the fine points of the deal. The company's PC business accounted for $1 billion in sales in the last fiscal year.
Micron Electronics also said it would sell SpecTek, a division that recycles microprocessors to be used in electronic devices, to Micron Technology Inc. (micron.com), in a deal worth $42 million. Microprocessor manufacturer Micron Technology is a majority shareholder in the separately traded Micron Electronics. Micron Technology also supplies SpecTek with microprocessors.
Shedding the two divisions will leave Micron Electronics with HostPro (hostpro.com ), a Web hosting division geared toward hosting the Web operations of small and medium-sized businesses. Micron Electronics says it hopes to bolster its Web hosting business by combining the services of HostPro with those of Interland, a former competitor.
According to the agreement, Micron Electronics will acquire Interland, while that company's shareholders will receive about 30% of the combined company. The new company will be called Interland, and will be based in Atlanta.

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Company: Interland

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