Scient to Merge With IXL

Jul 31 2001

NEW YORK, July 31 - Internet and technolog consultant Scient Corp. <SCNT.O>, said on Tuesday it plans t merge with Web developer iXL Enterprises Inc. <IIXL.N> in a all-stock deal and retain the Scient name.

With the transaction, which will be accounted for as purchase, shares will be issued in the new Scient company Shareholders of Scient will get 0.31 shares of the new compan for each share held while shareholders of iXL will get 0.2 shares.

A statement from the companies did not include the dolla value of the merger. According to Thomson Financial/Firs Call's ShareWatch, Scient had 74.2 million shares outstandin as of March 30, while iXL had 95.5 million shares outstandin as of June 30.

Shares of Scient closed at 55 cents on Monday on th Nasdaq, while iXL closed at $1.