NEW YORK (CNNMoney.com) -- Search engine leader Google is buying privately held DoubleClick, a top digital marketing services firm, for $3.1 billion in cash, the companies said Friday afternoon.
Google (Charts) is buying DoubleClick from private equity firm Hellman & Friedman, which bought DoubleClick in 2005 for $1.1 billion in a deal that took the company private.
For Google, the deal will likely help boost its presence in the area of Internet display advertising, ads on banners, videos and other non-text based types of ads. DoubleClick specializes on placing and serving banners and other display ads on prominent Web sites.
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