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Google closes YouTube deal



4:12 am on Nov 15, 2006 (gmt 0)

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Web search leader Google Inc. said on Tuesday that it closed its $1.65 billion (870 million pound) acquisition of top online video-sharing site YouTube, setting a new record in the valuation for user-generated media sites.

In a statement, Mountain View, California-based Google said it had issued 3,217,560 shares to pay for YouTube. It also paid restricted stock units, options and a warrant that can be converted into 442,210 shares of Google's common stock.

The $1.65 billion stock deal included around $15 million in funding which Google provided to YouTube between signing the deal in early October and closing the deal this month.

Google closes YouTube deal [today.reuters.co.uk]


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