Engage to buy MediaBridge in stock deal
The online advertising company agrees to buy the marketing firm in a stock deal worth about $268 million.
Under the terms of the deal, Engage, which is majority-owned by CMGI, will issue about 14.5 million shares of its common stock to MediaBridge shareholders. Shares of Andover, Mass.-based Engage closed down $1.75, or about 8 percent, at $18.50 Friday.
The deal is scheduled to close this summer.
Through the acquisition, Engage will add online marketing services and strategies targeted for traditional companies. Privately held MediaBridge, based in Acton, Mass., has more than 200 customers, including Circuit City, Reynolds & Reynolds, Sharper Image, Dow Jones and Polaroid.
"This acquisition brings us proven management talent and innovative technologies that bridge the gap between offline and online marketing programs," said Paul Schaut, Engage's chief executive.
MediaBridge will operate as a wholly owned subsidiary of Engage. Bob Angelo, MediaBridge's chief executive, will report to Schaut.
Engage provides marketing services and online advertising to Net companies and has European headquarters in London and offices worldwide.