Google plans big new stock sale

Filed under: — By Aviran Mordo @ 11:29 am

On Thursday, the eve of the first anniversary of its IPO, Google announced plans to sell 14.2 million shares of common stock on the public market, as seeks to raise more capital.

Google, which last year raised $1.7 billion with its long-awaited IPO, is hoping to raise in excess of $4 billion in this secondary offering, based on the current market price of $285 a share, according to its filing with the Securities and Exchange commission.

“We anticipate that we will use the net proceeds from this offering for general corporate purposes, including working capital and capital expenditures,” Google stated in its SEC filing. “In addition, we may use proceeds of this offering for acquisitions of complementary businesses, technologies or other assets.”

Google noted it does not currently have any significant, or “material,” merger agreements pending, according to its SEC filing.

Source: News.com


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