Date Set for ToLuna's Greenfield Buy

Directors at panels specialist ToLuna have given the thumbs up for the purchase of the Internet Survey Solutions (ISS) division of Greenfield Online from Microsoft.

As part of the previously announced deal, ToLuna has conditionally agreed to acquire the business and assets of the ISS division through a new, wholly-owned subsidiary, for a cash consideration of $40m (equivalent to approximately £24.5m).

ToLuna will be placing a subscription to raise c.£28m before expenses on 14 July. The total amount will be payable on closing, expected this Wednesday (15th July) and is based on the net asset value of the ISS division at this point.

ToLuna shareholder Verlinvest, a Belgian based private equity group, will hold a 13.38% stake in the combined company, and plans to appoint its MD Frédéric de Mevius as a Non-Executive Director on the Toluna Board.

Web sites: www.toluna.com and www.greenfieldonline.com .