Yahoo Inc.’s purchase of the news app Summly has generated plenty of press about its creator, London teenager Nick D’Aloisio. At 17, D’Aloisio, who founded the company two years ago, is younger than Yahoo itself.
But overlooked is how it’s becoming much more common for Silicon Valley companies to shop overseas for acquisitions, says Thomas Gaynor, of counsel with Squire Sanders in Palo Alto, Calif., which advised Summly on the deal. Deal terms were not disclosed, but news reports have put the purchase price at $30 million.
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