|In Brief: DoubleClick bought for $1.1 billion|
|Posted by: Infoworld on Apr 25th, 2005 6:20 AM|
|News from Infoworld|
Two U.S. private equity firms have bought online advertising company DoubleClick for $1.1 billion, DoubleClick announced Monday. The firms, Hellman and Friedman and JMI Equity, expect to complete the deal in the third quarter. JMI Equity, which focuses on the software and business service industries, will hold a minority interest. Hellman and Friedman sees the acquisition of DoubleClick as an opportunity to extend its online advertising and marketing and data businesses, in part though the recognizable DoubleClick brand as well as utilizing its experienced staff, the company said. DoubleClick stockholders will receive $8.50 for each share of DoubleClick common stock. The company's board of directors has approved the deal, which is still subject to shareholder approval and other closing conditions. The company's core business is serving ads to Web sites, a market that has become increasingly competitive with Yahoo, Google, and others entering the fray to drive down prices.