America Online Buys MapQuest.com
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MapQuest.com shareholders will receive 0.31558 shares of AOL for each share they own. The deal, which must still be approved by shareholders and regulators, is expected to close in the spring.
"We're very pleased to join with AOL. We have been helping millions of people get where they need to go each day. With America Online's resources and unmatched understanding of consumers, we can add new services and reach more people, becoming an even more important part of people's daily lives," said Michael Mulligan, MapQuest.com's chairman and chief executive officer.
According to October Media Metrix, MapQuest.com receives 3.7 million visitors monthly to its Web site and has a strong and growing international presence, with coverage of 78 countries in five languages. MapQuest.com also licenses its technology to more than 950 business partners.
Last week, AOL steered its way through marketing and advertising alliances with VitaminShoppe.com and Circuit City. AOL also helped Wal-Mart Stores Inc. launch a new Internet service that will target small communities throughout the nation. In November, AOL invested $30 million in Blockbuster Inc. in a co-branding agreement.