Innovid (NYSE:CTV) jumped 80% in premarket trading after Mediaocean agreed to acquire the ad tech platform for about $500 million.

Mediaocean will acquire Innovid (CTV) for $3.15 a share in a transaction with an enterprise value of approximately $500 million, and an equity value of ~$525 million, according to a statement on Thursday. The deal is expected to close early next year. The price represents a 94% premium to Innovid's closing price on Wednesday.

As part of the deal, Innovid (CTV) will merge with Flashtalking to create a an independent, omnichannel ad tech platform.

Zvika Netter, CEO & founder of Innovid (CTV), will lead the combined ad tech organization as CEO reporting to Bill Wise, co-founder & CEO of Mediaocean. Grant Parker, who currently runs Flashtalking, will be President of the combined ad tech organization reporting to Netter. Netter will also join the board of Mediaocean.

For Mediaocean, Deutsche Bank is serving as financial advisor and White & Case is serving as legal advisor with Bain & Company and 3C Ventures providing strategic consulting. For Innovid, Evercore is acting as financial advisor and Latham & Watkins as legal advisor.