Google Inc. to Go On Takeover Shopping Spree
Submitted by theStockMasters... on Thu, 09/24/2009 - 02:38
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Google Inc. (NASDAQ:GOOG) is going on a shopping spree, CEO Eric Schmidt said Giggity Google plans to buy one small company a month as it "rekindles its acquisition engine and moves beyond the worst phase of the global recession".
Google has historically maintained a steady pace of acquiring small, privately held companies, but its deal machine took a breather earlier this year when Schmidt said that prices were too high for his liking.
"Acquisitions are turned on again at Google," Schmidt told Reuters Television before delivering a speech on green technology on the fringes of the G-20 summit in Pittsburgh.
"My estimate would be one-a-month acquisitions, and these are largely in lieu of hiring," he said.
In August, Google announced the purchase of video software maker On2 Technologies for $107 million, its first acquisition of a public company.
Google shares finished the day at $498 a share, back to $500 in no time.
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