Overture Shareholders OK Purchase by Yahoo!

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NEW YORK Yahoo! completed its $1.63 billion acquisition of Overture yesterday.

Following yesterday’s approval of the cash-and-stock transaction from Overture’s stockholders, the commercial search company became a wholly owned subsidiary of Yahoo!

The deal, which was announced in July, advances Yahoo!’s objective of becoming a leader in commercial search, a burgeoning segment that is projected to grow from about $2 billion by year-end 2003 to approximately $5 billion by 2006, according to Piper Jaffray.

Combined, Yahoo! and Overture intend to expand pay-for-performance search into Yahoo!’s vertical properties, such as travel and Yellow Pages, and integrate contextual advertising throughout its network, including its sports, real estate and auto properties.





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