Google has announced its intention of taking over the Internet advertising agency DoubleClick in a deal worth $3.1 billion. DoubleClick has also confirmed the deal and hopes it will be completed before the end of 2007.
Rumours of a takeover offer for DoubleClick had been circulating, with Microsoft, Time Warner and Yahoo! all reportedly interested in making an offer for the company.
Six months ago, Google bought YouTube for $1.65 billion. The current takeover is the largest in Google's history. In a press release, Google says the acquisition "will enable Google to extend our ad network and develop deeper relationships with our partners. This new partnership represents a tremendous opportunity for us at Google to broaden and deepen our inventory of available ads and to better serve both our publishers and users."
DoubleClick provides software for Internet advertising and brings together advertisers, advertisement agencies and website developers. DoubleClick is currently owned by the majority share-holders Hellman & Friedman, a private equity firm, with JMI Management also having a large stake in the company.
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Google buys DoubleClick for $3.1 billion