July 18, 2018

FaegreBD Team Completes Sale of ICM Registry to Mind and Machines Group

LONDON (July 18, 2018) — Faegre Baker Daniels executes the sale of ICM Registry LLC (ICM) to London Stock Exchange AIM-listed company, Minds + Machines Group Limited (MMX) for an aggregate cash-equivalent transaction value of approximately USD$30.6 million. 

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 USD$10.0 million cash payment and a total of 225,000,000 new ordinary shares in MMX with an equivalent value of approximately USD$20.6 million (based on the closing share price of an ordinary share on 15 June 2018 and an exchange rate of GBP£1.00 = USD$1.33). MMX believes the acquisition will increase both their geographical diversification and earnings. 

Gary Laitner, Melanie Wadsworth, Roger Rhoten and Jonathon Gunn led the FaegreBD team. Hill Dickinson advised MMX. 

Read Minds + Machines press release

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