AOL, which as a reminder, is now owned by Verizon, announced on Thursday that it has entered agreement to acquire mobile ad platform Millennial Media. It’s paying $1.75/share, which comes to roughly $238 million.

AOL says it will use Millennial Media to add a supply-side platform for app monetization with over 65,000 apps; add significant mobile brand advertising scale across ONE by AOL; gain access to a billion global active unique users and new cross-screen targeting capabilities; accelerate its mobile position in key international markets; and add “world-class” engineering, sales, and product talent.

“AOL is well positioned as consumers spend more and more time on mobile devices, and as advertisers, agencies and publishers become more reliant on programmatic monetization tools,” said AOL President Bob Lord. “As we continue to invest in our platforms and technology, the acquisition of Millennial Media accelerates our competitive mobile offering in ONE by AOL and enhances our current publisher offering with an ‘all in’ monetization platform for app developers.”

“By joining AOL, we will be adding additional mobile expertise to AOL’s growing technology assets,” added Michael Barrett, President & CEO of Millennial Media. “I am excited by what this acquisition means for our shareholders, our employees and our partners.”

The deal will comes by way of tender offer to be followed by a merger. It’s expected to be completed this fall, and Millennial Media will become a wholly owned subsidiary of AOL.

Image via Millennial Media