DJ Magnite Shares Rally Premarket on Deal to Buy SpotX >MGNI
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.
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(END) Dow Jones Newswires
February 05, 2021 07:53 ET (12:53 GMT)
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