Mountain View,
Calif. – Google (NASD: GOOG) has announced the
completion of its $124.6 million acquisition of video encoding firm On2
Technologies, following a vote by On2’s shareholders to approve the deal. Google
said that it plans to repurchase an equal number of shares on the open market
that it issued as part of the transaction, to be funded from available working
capital.
"Through rapid innovation in browsers and web standards, the
Internet is becoming the leading platform for development," said Sundar
Pichai, vice president of Product Management at Google.
"We believe On2’s
engineering talent and technology will be an incredible asset for us as we work
to improve this platform."
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