AOL has announced its acquisition of independent ad marketplace Millennial Media, completing its tender offer by purchasing all outstanding shares at $1.75 apiece.

All of the remaining eligible shares were subsequently acquired in a merger which sees Millennial Media become a wholly-owned subsidiary of AOL, its shares no longer traded on the New York Stock Exchange.

Money talks

In total, the acquisition cost AOL $248 million.

“The acquisition of Millennial Media boosts our global, mobile capabilities and scale across ONE by AOL for advertisers and agencies, and offers the most attractive monetization platform for app developers,” said Bob Lord, President of AOL Platforms.

“It also adds an incredibly talented team of mobile-first experts, many of whom will take on leadership and integral roles at AOL Platforms.”

And indeed, it has been confirmed that leadership roles in technology, sales, product, and operations at AOL Platforms will be given to nine of Millenial Media's executives.