After a summer of speculation, AOL confirmed it will acquire Millennial Media on Thursday morning.
AOL is paying $1.75 per share of common stock for the publicly-traded, Canton-based adtech company. TechCrunch estimates the deal is worth $238 million when also accounting for Millennial’s debt. That’s a 31 percent premium over the closing price on Wednesday of $1.34.
Millennial Media will become a wholly owned subsidiary of AOL in the deal, which is expected to close in the fall. AOL, in turn, was recently acquired by Verizon for $4.4 billion in a deal that was mostly about adtech.
“By joining AOL, we will be adding additional mobile expertise to AOL’s growing technology assets,” said Michael Barrett, President & CEO of Millennial Media. “I am excited by what this acquisition means for our shareholders, our employees and our partners.”
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