Dive summary:
- In an effort to strengthen their position as a mobile ad leader, Millennial Media has locked in a stock transaction deal to acquire mobile ad network Jumptap; the deal is valued at $209 million of Millenial Media shares.
- Jumptap previously planned to go public this year after securing $27.5 million in funding, but with those plans permanently shelved, CEO George Bell will join the Millennial board as vice chairman.
- The move will strengthen Millennial's position in the mobile ad networks space against leading competitors Facebook, Google and Twitter.
From the article:
"Jumptap shareholders will get 24.6 million shares in the Nasdaq traded Millennial Media, representing roughly 23 percent of the Baltimore company. All told, the purchase equals about $209 million worth of Millennial shares."
