CATALOG AGE has learned that bankrupt software and services provider Divine has an agreement to sell substantially all of its assets to Golden Gate Private Equity and its DS&MS Newco affiliate for $38 million in cash and assumption of some debt.
Chicago-based Divine, which this past fall had charged several e-commerce and catalog companies with patent infringement, has been operating under Chapter 11 bankruptcy protection since late February.
Under the bankruptcy code, the April 9 offer is subject to higher bids in a court-supervised auction. According to Divine’s Website, final results of the auction are scheduled for April 30. In its Chapter 11 bankruptcy petition filed Feb. 25, Divine listed $271.3 million in assets and $191.9 million in liabilities as of Dec. 31, 2002.