Google and Skybox Imaging Sign Acquisition Agreement

Mountain View, Calif., June 13, 2014--Google has entered into an agreement to buy Skybox Imaging for US$ 500 million in cash, subject to adjustments Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery.

"Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in," said Google in a statement

In a company statement, Skybox Imaging said: "We’ve built and launched the world’s smallest high­-resolution imaging satellite, which collects beautiful and useful images and video every day. We have built an incredible team and empowered them to push the state­-of­-the-­art in imaging to new heights. The time is right to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision."

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US.

Google is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.