Often talked about as a prime acquisition target itself, online advertising firm ValueClick is buying MeziMedia, an operator of comparison shopping sites, for $100 million in cash upfront, and the buyout price could rise to $352 million, depending on whether performance thresholds are met by 2009.

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The purchase is designed to complement ValueClick’s European comparison site PriceRunner, as MeziMedia operates sites in Spain, Germany, France and the UK.  LA-based MeziMedia also gives ValueClick a presence in Asia, as the company maintains offices in Shanghai and Tokyo. MeziMedia has about 160 staffers. Last year, MeziMedia generated approximately $40 million in revenue and was net income profitable. Release

With ValueClick’s erstwhile independent rivals - such as aQuantive, 24/7 Real Media and Digitas - being snapped up over the past several months, the company increasingly finds itself the subject of speculation concerning its prospects for a possible buyout. While there are not many high-profile independent ad shops available at the moment, ValueClick’s actual value has drawn mixed commentary, as we’ve reported previously, mainly because buyers have tended to be more interested in gaining ad serving technology, which only makes up a small portion of the company’s sales. By expanding its service offerings and global reach with MeziMedia, the company could be trying to improve its own viability as a purchase candidate.