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Pandora closes AdsWizz acquisition

U.S. music streaming service Pandora Media Inc. completed the acquisition of AdsWizz, a provider of digital audio ad technology.

At closing, Pandora paid $66.3 million in cash and 9.9 million shares of Pandora common stock for the company. An additional $5 million in cash is payable upon achievement of certain milestone provisions in connection with the acquisition.

AdsWizz will operate as a stand-alone subsidiary of Pandora, continuing under Alexis van de Wyer's leadership, the company said May 29.