SnapNames sold to Oversee.net for rumored $50 million

[regic]

As we reported yesterday, Snapnames sold to Oversee.net. Today they send a note to their customers let them know. Oversee announced earlier this year that they have been granted a $60 million dollar line of Credit from Bank of America. So it sounds like some of that line of Credit was used to make the purchase of Snapnames. We suspect the price they paid was around $50 Million. A few bidders on the company confirmed that $25 Million was not the price and they knew it was much higher. Snapnames has a sister company called Oregon Names which collects and monetizes domain names so we suspect that sister company was sold as part of the deal but we have no confirmation yet...

full article: http://blog.domaintools.com/2007/06/snap...t-is-sold/
more: http://blog.domaintools.com/2007/05/snapnames-is-sold/