ICM Registry LLC (ICM) sold to Minds + Machines Group Limited (MMX), a London Stock Exchange AIM-listed company, for an aggregate cash-equivalent transaction value of approximately $30.6 million. Faegre Baker Daniels represented ICM in the sale.
ICM, a Delaware limited liability company, is the owner of four high-value, niche Internet Top-Level Domains that are regulated by the Internet Corporation for Assigned Names (ICANN). The sale is made up of a $10.0 million cash payment and a total of 225,000,000 new ordinary shares in MMX with an equivalent value of approximately $20.6 million (based on the closing share price of an ordinary share on June 15, 2018, and an exchange rate of £1.00 = $1.33). MMX believes the acquisition will increase both their geographical diversification and earnings.