August 22, 2016 / 11:56 AM / in a year

Chinese investor group buys Media.net for $900 mln

Aug 22 (Reuters) - Advertising technology startup Media.net said on Monday it had been acquired for about $900 million in cash by a group of Chinese investors.

The consortium is led by Zhang Zhiyong, the chairman of telecom firm Beijing Miteno Communication Technology Co .

Zhiyong said Miteno will now focus on expanding Media.net's presence in China, following the company's successful run in the United States.

Media.net, a Yahoo Inc ad partner, posted revenue of $232 million in 2015, with more than half coming from mobile users.

The company is based in Dubai and New York and is led by technology entrepreneur Divyank Turakhia.

Media.net's products, which are licensed by various publishers and ad networks, auto-learn and display the most relevant ads to users.

The business attracted seven bidders, Media.net said. The company said the acquisition is the third-largest ad tech deal.

The Chinese consortium has already paid $426 million, with the remainder to follow, the company said.

Miteno's shares have been halted since December. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)

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