Internet search leader Google, Inc. (NASDAQ: GOOG) announced late Friday that it agreed to acquire online advertising service DoubleClick Inc. for $3.1 billion in cash.
The deal will combine Googleâ€™s powerful text ad network with DoubleClickâ€™s expertise in managing display ads. The deal is expected to close at the end of the year.
It has been our vision to make Internet advertising better - less intrusive, more effective, and more useful. Together with DoubleClick, Google will make the Internet more efficient for end users, advertisers, and publishers, said Sergey Brin, Co-Founder & President, Google Technology.
The purchase represents the largest acquisition in Google's history and comes just six months after Google paid $1.65 billion to purchase video-sharing site, YouTube.
Current owner, San Francisco-based private equity firm Hellman & Friedman and JMI Equity and management, and executives at Google have approved the deal, however it is subject to customary closing conditions.
Google shares were down $1.10. or 0.24 percent, to reach $466.29 at the close of normal trading hours on the Nasdaq Stock Market.