NEW YORK — ITurf Inc. has closed on its deal to buy Inc., which operates a community and content web site focusing on college and university students between the ages of 18 and 24, according to a Securities and Exchange Commission filing. As reported, ITurf said last month it would acquire the leading Internet college hub from MarketSource Corp.
Under the terms of the deal, ITurf is issuing 1.587 million shares of its Class A common stock to MarketSource in a tax-free exchange. ITurf shares closed at 11 1/2, down 1/4 in over-the-counter trading Tuesday. Based on that closing price, the deal is worth $18.3 million.
Following the deal’s close, became a subsidiary of ITurf. Derek White, executive vice president of MarketSource, will become president of the ITurf subsidiary.
Expansion plans for include launching more than 100 “unofficial” college web sites on campuses nationwide. Each web site will have an auction site enabling online users to buy and sell items from concert tickets to used books and furniture.
ITurf is majority owned by Delia’s, a youth-oriented catalog firm and retailer.