(AP) -- Google Inc. is buying Global IP Solutions Holding AB for $68.2 million in cash in a move to expand its Internet video and audio offerings, the companies said Tuesday.
The offer represents a 27.5 percent premium to Global IP's closing price on Friday. Shares of the Norwegian company are traded on the Oslo Stock Exchange.
The cash buyout offer is expected to expire on or about June 4. Global IP's board is recommending the deal.
"The Web is evolving quickly as a development platform, and real-time video and audio communication over the Internet are becoming important new tools for users," said Rian Liebenberg, engineering director at Google, in a statement.
Google is based in Mountain View, Calif.
Explore further: Ticketfly buying WillCall for on-premise data