Although it is not commonly known that Alphabet Inc. (NASDAQ:GOOGL) Google has its own form of satellite business, the company recently made a public statement, which was to disclose that they would be selling their satellite business, Terra Bella.
The buyer of said entity will be a start-up, which goes by the name of Planet Labs. However, the details of the acquisition in terms of finances have not been revealed by either organization involved in said deal.
Details about the acquisition of Tella Bella Google’s Satellite Unit
When questioned on why now, and why to Planet Labs, the VP of Product and Engineering for Google, Jen Fitzpatrick, stated, “When we thought about a company that shares Terra Bella’s passion and strengths in high-frequency satellite imaging, Planet was a natural home.”
It was also released that following the closing of the acquisition, Google will also be entering into a multi-year contract deal with Planet Labs, which regards the purchasing of satellite imaging from the start-up.
Terra Bella, which originally was known by the name of Skybox, back in 2014, prior to the tech giant’s acquisition of it, was purchased by Google for a total of $500 million.
More details about this specific acquisition and plans for the future of Terra Bella
Various executives for both companies have repeatedly stated that the companies have always believed that they share the passion, and interest, where satellite imaging is involved, which is the alleged reason why Google, has chosen Planet Labs in particular when it comes to selling off Terra Bella.
However, at the time, those familiar with the matter are stating this is the next step for the company to achieve its original goals, behind the purchase of Terra Bella. This goal, in particular, relates to an internet connectivity project, which involved using satellites to beam high-speed internet to Earth.
Google stock closed at $820.13 On Monday’s trading session; this follows a rise by $1.87 or 0.23%.
The post Alphabet Inc. (NASDAQ:GOOGL) Google Is Planning To Sell Of its Satellite Business To Planet Labs appeared first on Stock Market News | HillCountryTimes | Get it Today.
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https://www.hillcountrytimes.com/2017/02/06/alphabet-inc-nasdaqgoogl-google-planning-sell-satellite-business-planet-labs/
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