July 14, 2003

Yahoo! announced that it will acquire Overture, one of the largest providers of paid listings to search engines and other web portals.

Under the terms of the agreement, each outstanding common share of Overture will receive 0.6108 shares of Yahoo! common stock and $4.75 in cash, reflecting an aggregate purchase price of approximately $1.63 billion.

"The combined assets position Yahoo! as the largest global player in the rapidly growing Internet advertising sector," said Terry Semel, chairman and chief executive officer, Yahoo! Inc. "Together, the two companies will be able to provide the most compelling and diversified suite of integrated marketing solutions around the globe, including branding, paid placement, graphical ads, text links, multimedia, and contextual advertising."

We'll be updating the story throughout the day today as it continues to unfold. Danny Sullivan will take an in-depth look at the acquisition in tomorrow's Search Engine Update. Meanwhile, here are some links to other sources of information about the transaction.

Source: Search Engine Watch

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