RTTNews | Oct 7, 2021 10:26AM EDT

10:26 Thursday, October 7, 2021 (RTTNews.com) - Shares of mobile game developer AppLovin Corp. (APP) are climbing 9 percent on Thursday's trading after the company announced the acquisition of Twitter Inc.'s (TWTR) mobile advertising network MpPub. The deal, valued at $1.05 billion, is expected to be completed in 2022.

Commenting on the deal, AppLovin CEO Adam Foroughi said, "We are excited by the opportunity to grow the AppLovin platform and further enhance our publisher monetization tools through this strategic transaction."

Twitter bought the mobile advertising business in 2013 for $350 million and it added around $188 million in revenues in 2020, constituting nearly 5.9 percent of Twitter's advertising revenue that year.

Currently at $84.52, the stock has traded between $49.41 and $90.03 during the past 52 weeks.

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