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PASADENA, Calif. (CBS.MW) -- Overture Services has agreed to pay at least $70 million cash to acquire the Web search division of Fast Search & Transfer, a search technology developer based in Oslo, Norway. Among its properties is the search portal Combined with Overture's previously announced plan to purchase AltaVista, this acquisition "will enable Overture to create the next generation of Internet search, guiding consumers to exactly the information they are seeking," the company (OVER) said in a statement.

"Search is in a rapid growth phase, which we believe will continue for years to come," said Ted Meisel, Overture's president. The companies said the purchase agreement provides for payment of as much as $30 million as a performance-based cash incentive over three years. The deal for FAST is expected to close by April.

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