On2 Technologies and Google jointly announced they have entered into a definitive agreement for Google to acquire On2, a developer of video compression technology. The stock-for-stock transaction is valued at approximately $106.5 million.

“Today video is an essential part of the Web experience, and we believe high-quality video compression technology should be a part of the Web platform,” said Sundar Pichai, VP, product management at Google, in a prepared statement. “We are committed to innovation in video quality on the Web, and we believe that On2’s team and technology will help us further that goal.”

The transaction, which is subject to On2 stockholder approval, regulatory clearances and other closing conditions, is expected to close in the fourth quarter of 2009.

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