AOL, the Internet division of Time Warner , said on Monday it was to buy Swedish online marketing group TradeDoubler for around $900 million as it seeks to expand its Internet advertising business.
AOL said it had offered 215 crowns a share for the Swedish company, which is aimed at complementing AOL's Advertising.com business, purchased in 2004. The board of TradeDoubler has recommended shareholders accept the bid.
"Not only does our offer provide an attractive premium valuation ... it also will enable TradeDoubler to play a key role in our strategic focus on growing our online advertising business in Europe," said Time Warner president and CEO Jeff Bewkes.
"With AOL and Advertising.com, we have built a robust online advertising business in Europe, and TradeDoubler will help us accelerate the growth of this business," he said in a statement.
AOL said Advertising.com had a presence in eight European countries. It connects advertisers with online advertising inventory by purchasing inventory from publishers.
TradeDoubler provides online marketing and sales services.
"AOL believes that a successful combination of Advertising.com and TradeDoubler will capitalize on their complementary positions in the online advertising marketplace," it said.