Corel Dropping Linux

Well not exactly dropping, but according to initial reports, Corel Linux will soon carry a different name. News has spread that Linux Global Partners recently signed a letter of intent for the $5 million purchase of Corel's Linux unit. Corel will also retain 20% of the new LGP-Linux unit, according to Mary Jo Foley's report on ZDNet.

Rumors floated in late November that the struggling company was looking for possible buyers of its Linux division, even after a hefty $135 million investment from Microsoft in exchange for a promise to make Corel products compatible with MS .Net strategies.

LGP is a holding company, currently with controlling stakes in several firms and holdings in a total of 11 Linux businesses.

For more information read the article over at ZDNet.