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Google Buys Doubleclick For $3.1 Billion
Seeking to expand its already well-honed ability to sell targeted Internet advertisements, online search leader Google Inc. said it has agreed to pay $3.1 billion in cash to acquire ad-management technology company DoubleClick Inc.
The two companies announced the deal after the markets closed Friday. The boards of both companies have approved the takeover, which is expected to close by the end of the year.
New York-based DoubleClick helps its customers place and track online advertising, including search ads, which Google — more than its nearest search competitors Yahoo Inc. and Microsoft Corp. — has turned into an extremely lucrative business.
DoubleClick had been the target of a fierce bidding war between Microsoft and Google, and Google’s winning bid is nearly three times the amount DoubleClick fetched when it went private in 2005 for $1.1 billion.
The acquisition is the largest in Google’s history, beating out the $1.76 billion deal for online video-sharing site YouTube Inc. late last year.
Photo by Google.
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