Melbourne IT (ASX:MLB) has bought out Fairfax Digital’s 50% stake in the parties’ search-engine marketing JV Advantate.
While the financial terms of the deal were not disclosed, Melbourne IT said the transaction will not have a material impact on its 2010 financial results, or those of Fairfax Digital.
“There are a number of synergies between [Melbourne IT’s and Advantate’s] online marketing offerings which can now be fully exploited to drive revenue,” Melbourne IT CEO Thoo Hnarakis said.
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