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DJ Magnite Shares Rally Premarket on Deal to Buy SpotX >MGNI

· 02/05/2021 07:53

By Colin Kellaher

Magnite Inc. shares rose more than 20% in premarket trading Friday after the company said it agreed to buy advertising-technology company SpotX from Luxembourg's RTL Group S.A. for $1.17 billion.

Los Angeles-based Magnite said the deal will create the largest independent connected TV and video advertising platform in the programmatic marketplace.

The purchase price includes $560 million in cash and 14 million shares.

Magnite shares, which closed Thursday at $43.49, jumped 23% to $53.49 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 05, 2021 07:53 ET (12:53 GMT)

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