Apple, Google announce merger, buy $2 billion in shares
Tech giant Apple and Google are expected to announce a merger that would give the companies control of the $2.5 billion global internet and mobile data market.
The deal, expected to be completed by the end of the year, would make Apple a fully integrated online and mobile services provider with the ability to sell mobile and online data and applications to its customers.
Google would become a wholly owned subsidiary of the merged company.
“Google is the leader in delivering Google services and apps to users,” Google said in a statement.
“Google’s new leadership is a tremendous opportunity to build on the strength of our Google business to grow more broadly across all industries.”
Google said the deal would not be subject to antitrust approval.
Apple has not said if it would accept the deal.
Apple already has a $1.4 billion stake in Google parent Alphabet, with the companies working together on mobile search.
Google and Alphabet are expected in a joint news conference to unveil a new version of its search engine Google Now, which would replace Google’s search with personalised content.
This is not the first time Google and Apple have teamed up.
The companies have previously worked together to build Google Home smart speakers, Google Maps, Google Search and Google Search Console.
Google is also working on its own voice-activated virtual assistant, Cortana, which has been criticized for being too “intelligent”.
Google said in January that it was looking to sell its entire advertising business.