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Google Buying Skybox Imaging for $500 Million

Google Buying Skybox Imaging for $500 Million

Google has just made a significant announcement, they will be purchasing Skybox Imaging, a satellite firm, for 500 million dollars. The obvious application for the firm would be to use their satellites to improve Google Maps, that’s exactly what Google is going to use them for, but they are also going to use them for something a little more outside the box. In Google’s press release they say that they also have plans to use Skybox’s satellites to improve internet access and disaster relief, something we have heard about Google looking into for awhile. 

Like we said above, there is an official press release from Google so this purchase is official, no rumors here folks. This is a great acquisition on Google’s part and we hope to see Google make more moves towards bringing internet to everybody around the world.

Press Release:

MOUNTAIN VIEW, CA – JUNE 10, 2014— Google Inc. (NASDAQ: GOOG) announced today that it has entered into an agreement to buy Skybox Imaging for $500 million in cash, subject to adjustments.

Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US.

Source | Google


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