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Goodbye Dialadog, the future is Bright Station

Dialog has completed the sale of the business that has given it little but debt and grief from the City.

 

Dialog has completed the sale of the business that has given it little but debt and grief from the City.

The company today confirmed it has sold its information services division to the Thomson Corporation for $275 million (£180 million).

Thomson has been allotted 9.3 million shares in Dialog at 170.5p per share, giving it a 5.4% share in the company. JIYU Holdings has also been allotted 7 million shares, or 4.1%. The subscriptions provide £27.9 million of new equity investment in the company.

Dialog(DLG) originally bought the information services division from Knight Ridder Information in late 1997 for £260 million. It has since been dogged with debts of up to £170 million, and was widely dubbed Dialadog.

Chief executive Dan Wagner remained undeterred by the slurs, but no doubt to shake off the tag once and for all, the company will officially change its name today to Bright Station On Monday, the stock symbols will change to BSN on the London Stock Exchange and BSTN on Nasdaq.

Bright Station will have three divisions, Web Solutions, focused on its InfoSort content indexing technology, Ecommerce, containing its B2B OfficeShopper Internet procurement business, and Internet Ventures, being launched to invest in technology and Internet start-ups.

Shares were unchanged at 97.5p this morning.

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