By now, you probably know that Google has gone public on the New York Stock Exchange (NYSE) and is set to be acquired by Google’s parent company Alphabet.
That’s the company that owns YouTube, the Google search engine that is currently used by over half of the world’s internet users.
However, the search giant has also been busy, and the acquisition has made it clear that it is aiming to compete with Amazon and Microsoft in a very big way.
Alphabet has been looking to acquire its own search and data giant, Google, and in recent months, the company has gone out of its way to build partnerships with the likes of Microsoft, Amazon and Yahoo, who are all vying to become the new dominant players in online advertising.
Google also announced today that it has acquired $1 billion of its own shares, bringing the company’s market capitalisation to $4.9 billion.
That means Google is now worth over $10 billion more than Amazon and Facebook combined.
As with the deal, the acquisition was announced on Tuesday afternoon and the deal was made public on Wednesday.
The deal will be followed by a $2 billion stock buyback of Alphabet’s own shares.
Google is set for a run on its own stock after it was bought by Yahoo in 2018, but that is expected to come to an end soon as it prepares for the release of its new CEO, Eric Schmidt.
Google will also sell off a number of its remaining businesses, including its media properties, Google News and Google Maps, as part of the buyback.
However Google’s search giant and advertising technology company will be a huge new addition to Alphabet, which is looking to diversify its revenue stream and create more revenue opportunities for its employees.
Google has also acquired a number other companies, including Twitter, and is also expected to release a number more acquisition announcements in the coming months.