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Google completes On2 acquisition
Stephen Withers
Monday, 22 February 2010 09:40
Page 1 of 2
Google has completed its acquisition of video compression developer On2, but the effective price was almost 25% higher than originally estimated.On2 originally developed video compression for games and multimedia, but has diversified into web, mobile and wireless, video conferencing and other applications.
When the deal closed last week after On2 shareholders voted in favour of the transaction, the value had increased to almost $US125 million.
Each On2 share will be converted into the right to receive $US0.15 cash, 0.001 of a Google share, with a cash adjustment in place of any fraction of a Google share.
The shares issued to On2 shareholders will be offset by Google's intended open-market repurchase of a similar number of its own shares, funded from working capital.
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