Google, Inc. announced today a definitive agreement to buy
DoubleClick, Inc., an online advertising company, for a sum of $3.1 billion in
cash. The web search giant is acquiring the advertising company
from San Francisco-based private equity firm, Hellman & Friedman along with
JMI Equity and management. According to the press release, "the acquisition will combine
DoubleClick's expertise in ad management technology for media buyers and
sellers with Google's leading advertising platform and publisher monetization
Google says the combination of the companies will enhance targeting, serving
and analyzing online ads of all types, benefiting consumers by:
"This transaction will strengthen our advertising
network by expanding our access to publisher inventory and enabling us to serve
the needs of a broader set of advertisers and ad agencies," said Tim
Armstrong, Google's President, Advertising and Commerce, North America.
Google and DoubleClick have both approved the transaction, which is expected to
close by the end of the year. Speculation of the sale began several months ago when reports surfaced that a $2 billion dollar deal was in the works.