Compaq Computer Corp has bought its first web property since announcing its intention to spin off its AltaVista Co unit in an IPO. It has bought Zip2, an aggregator of content from local newspapers in the US. The terms of the Compaq deal have not been disclosed other than to say that it is paying more than the $220m it is handing over for Shopping.com, which it also plans to include in the AltaVista service. The tender offer for that deal has now been accepted by the relevant shareholders and is expected to be completed in March. Privately-held Zip2 had been scheduled to merge with CitySearch Inc in March last year, before that deal was called off by mutual consent. Ticketmaster then bought CitySearch and the pair are now part of the USA/Lycos Interactive Networks Inc multimedia behemoth.
