Alliance Data to buy Conversant for $2.3 billion

NEW YORK (AP) — Alliance Data is buying online advertising and e-commerce company Conversant for about $2.3 billion to boost its digital marketing business.

The deal is expected to close by the end of the year.

Alliance Data, based in Dallas, will pay $35 for each share of Conversant Inc. That's a 31 percent premium from its closing price of $26.71 Thursday.

Conversant, which is based in Westlake Village, California, was formerly known as ValueClick.