Boston, MA – February 19, 2010 – Covington Associates announced it acted as financial advisor to On2 Technologies, Inc. (NYSE Amex: ONT), a creator of advanced video compression technologies, in its sale to Google Inc. (NASDAQ: GOOG). Under the terms of the agreement, each outstanding share of On2 common stock will be converted into the right to receive a combination of (a) $0.15 in cash per share, (b) 0.0010 of a share of Google Class A Common Stock and (c) cash payable in lieu of any fractional shares of Google Class A Common Stock. The transaction is valued at $124.6 million, after On2's shareholders voted to approve the transaction.
John Bowen, Director at Covington Associates, commented “The expanding use of video across Internet, mobile and enterprise networks demands a more efficient approach for video delivery and On2 has been a leader in pushing the envelope of advanced video compression technology.”
Tom Cibotti, Managing Director at Covington Associates, said “This transaction demonstrates Covington Associate’s long history advising publicly traded companies, and our firm’s commitment to working with technology companies.”
About On2 Technologies, Inc.
On2 Technologies, Inc. creates advanced video compression technologies that power the video in today's leading desktop and mobile applications and devices. Customers include Adobe, Skype, Nokia, Infineon, Sun Microsystems, Mediatek, Sony, Brightcove, and Move Networks. On2 is headquartered in Clifton Park, New York.
To learn more about On2, visit www.on2.com.
About Covington Associates, LLC
Covington Associates is a Boston-based specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.
To learn more about Covington Associates, visit www.covllc.com.
Covington Associates LLC