Telefónica buy-out of Terra Lycos approved

30 Jun 2003

The board of internet firm Terra Lycos has approved a proposal by telecoms giant Telefónica to buy the 62% of the company it does not already own. Telefónica is reported to have set aside EUR1.95 billion for the purchase, valuing Terra Lycos at less than half the price it was floated at in 1999.