The acquisition of Skybox by Google has been confirmed for $500 million.
Although Skybox, which makes satellites and imaging data were looking for closer to $1 billion, they have agreed to Google’s offer of $500 million.
The merger is definitely to prove successful for Google who relies on satellite technology to power their map services, internet and self driving cars.
This is not the first satellite company that Google has acquired. A few years prior, the tech giant purchased DigitalGlobe which has designed three satellites for the company.
Google’s mission with Skybox is to help improve internet access in disaster relief areas and other rural areas that do not have internet and keep the imagery on their maps service up to date.
Skybox will operate independently for now until all the legal documentation and regulatory approvals have been finalized, after that, they will move on to the Google headquarters.