ND Holdings, the fund management and distribution company based in Minot, N.D., has agreed to purchase a 50 percent stake in Magic Internet Services, an Internet service provider also headquartered in Minot. A new subsidiary called Magic Internet will be created to sell low-cost Internet services directly to individuals as well as other fund groups.
Although both parties declined to discuss specific details of the purchase arrangement, the deal will include cash and shares of publicly traded ND Holdings, said Joe Uhrmacher, Magic's co-owner. Uhrmacher and Steve Murphy, the other co-owner, will remain stockholders. Uhrmacher will spend the next two years working full time for the new company.