A takeover deal between Microsoft and aQuantive was sealed on Friday, according to filing lodged with the Securities and Exchange Commission (SEC).
The deal means aQuantive are now a wholly owned subsidiary of Microsoft and places Microsoft in a much stronger position to cash in on lucrative online advertising.
The filing submitted by aQuantive said that the board has resigned as planned and Nasdaq has been asked to delist aQuantive stock. Shareholders now have the right to receive £33.05 per share direct from Microsoft. The takeover deal has broken Microsoft’s personal record for a takeover spend.
The acquisition means that many jobs within the companies are being re-shuffled with Yusuf Medhi, former chief advertising strategist for Microsoft, assuming the role of heading strategic partnerships.
The online ad market has been frantic with deals recently so it is no surprise Microsoft are dabbling. Current deals include, Google’s move to buyout DoubleClick for approximately $3.1bn. Yahoo said it plans to spend $680m to purchase a further 80 per cent of Right Media meaning it would own it outright. AOL also recently said it is buying Tacoda.