AOL Acquires MapQuest.com
Internet service provider America Online Inc., Dulles, VA, announced yesterday the acquisition of Internet map agency MapQuest.com, New York, in a stock transaction estimated at $1.1 billion.AOL gains an e-business that builds online maps for nearly 1,000 Web sites and is linked by more than 170,000 of such locations. Alongside the Internet provider's Digital City and MovieFone sites, Mapquest.com will provide AOL with advertising and commerce avenues built around mapping and directions for consumers looking for entertainment, shopping and dining.
The agreement also deepens the Internet provider's commitment to its "AOL Anywhere" strategy of leveraging its buying power with purchases of sites that depend on local information like Mapquest.com.
