Search engine and software giant Google, has been rumored to purchase an overseas company with a net worth of $4 billion to $5 billion but later decided to discard this deal.
Google has invested its massive piles of cash in acquiring some of the biggest foreign entities. As per the SEC inquiry, it targets to put nearly $20 billion to $30 billion on offshore contracts.
If that secret deal had occurred, it would have Google’s second-highest buyout in history. Back in 2012, the search engine mogul invested $12.4 billion to takeover Motorola Mobility and an additional $3.2 billion to acquire Nest.
Google hasn’t revealed the details of this deals and its representative denied discussing this topic.
Google must have been eyeing to get something substantial out of this deal if it would’ve taken place. Google is speculated to posses some $33 billion in its bag overseas which can’t be used in the US to make deals. Google highlights that is going to get the best out of its foreign reserves by making fruitful acquisitions as it specifically eyes to put its hands in major businesses such as industries and technology where it could face some severe competition.
Last year, Google placed some $1.4 billion in over 20 deals. It also acquired an Israeli traffic and GPS firm under the name of Waze for its $1 billion offshore money. Some of the other pricy purchases for Google include Doubleclick for $3.1 billion back in 2007 and YouTube for $1.65 billion some 8 years ago.
The latest rumored high-profile buyout might also be a result of the biggest purchases companies are making nowadays. Social Media King, Facebook, recently acquired online messaging facility WhatsApp for a whopping $19 billion deal which marks it’s the highest paid deal the company has made up to this date. In addition to that, US smartphone vendor Apple, also claims to place almost $3.2 billion for Beats audio.