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AOL to buy MapQuest for $1.1 bil

Published on .

America Online, Dulles, Va., will acquire MapQuest.com, a site for maps and directions, in a $1.1 billion all-stock deal. The acquisition follows AOL's purchase of movie listing guide and ticketing service MovieFone earlier this year; it also advances the company's "AOL anywhere'' strategy, enabling members to access AOL services from handheld and other devices. MapQuest shareholders will receive 0.31558 shares of AOL common stock for each share of MapQuest stock; the deal is expected to close in the spring.

Copyright December 1999, Crain Communications Inc.

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