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11|05|2008 09:54 pm EDT

Tucows Sells Stake in Afilias for $7.4 Million

by Chad Kettner in Categories: Up to the Minute

Tucows (AMEX:TCX, TSX:TC) has sold its 7.38% stake in Afilias, a domain name registry, back to the company for $7.4 million.

The $7.4 million will be paid to Tucows in three cash installments over the next 13 months: $3.2 million today, $2.1 million in June 2009, and $2.1 million in December 2009. The sale puts Afilias’ total value at approximately $100 million.

“This sale is another step in our stated goal to divest non-core assets in order to unlock hidden value for shareholders,” explained Elliot Noss, President and CEO of Tucows Inc. “The proceeds of the sale provide additional funds that will be used to fund further share repurchases.”

Tucows also recently sold off its web hosting business and launched a website to sell some of its domain names.

[via DomainNameWire]

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