Apple buys mobile ad network Quattro Wireless

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Cupertino, Calif.—Apple Inc. may be poised to leap into the world of mobile advertising with the acquisition of mobile ad network Quattro Wireless.

The deal, confirmed by Apple Tuesday, is valued at more than $250 million, according to analyst reports. It is seen as a move to take advantage of Apple's quickly growing mobile app service for its iPhone, as well as overall mobile ad growth, forecast by JP Morgan to rise 45% this year to $3.8 billion.

Apple's move is seen as a response to Google's announcement in November that it intends to pay $750 million for the leading mobile ad network, AdMob, pending regulatory approval.

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