CMGI Forms Overseas Investment Partnership

CMGI Inc., an Internet venture capital company, along with Hicks, Muse, Tate & Furst Inc. and Pacific Century CyberWorks Ltd. formed a partnership to invest $1.5 billion in Internet companies outside the U.S. Each company will invest as much as $500 million in the partnership, to be named AtVentures Global Partners. The companies plan to open offices in London and Hong Kong to manage investments in Asia, Europe and South America. Hicks Muse, the closely held equity-investment company based in Dallas, said last month that it planned to raise as much as $2 billion to fund young Internet companies. Andover, Mass.-based CMGI has formed partnerships to invest in the growing international Internet market. CyberWorks, Asia’s largest Internet company outside Japan, formed a venture in January with CMGI to invest in Asia’s booming Internet market. CyberWorks this week agreed to pay $38 billion for Cable & Wireless HKT Ltd., Hong Kong’s main phone company. CMGI shares fell $1.88 to close at $127.69 on Nasdaq.