SAIC to Reduce Stake in Network Solutions

By Karen Kaplan

Jan. 5, 1999 12 AM PT

San Diego-based Science Applications International Corp. will reduce its stake in Network Solutions Inc. and become a minority owner of the Internet firm. SAIC intends to sell between 4.5 million and 5.2 million shares of Network Solutions, leaving it with about 45% of the Herndon, Va.-based company it purchased in 1995. As of April, SAIC--a closely held technology research company--held a 72.3% stake, according to its most recent proxy statement. Other Network Solutions stockholders will sell 80,000 shares, the company said in a Securities and Exchange Commission registration. Network Solutions said its board had approved a 2-for-1 stock split to take effect Feb. 26. Network Solutions shares rose $24.13 to close at $155 on Nasdaq.

Technology and the Internet

Karen Kaplan

Karen Kaplan covers science and medical research for the Los Angeles Times. She has been a member of the science team since 2005, including 13 years as an editor. Her first decade at The Times was spent covering technology in the Business section as both a reporter and editor. She grew up in San Diego and is a graduate of MIT and Columbia University.

SAIC to Reduce Stake in Network Solutions

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