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Google Gets Into the Drone Business With Purchase of Titan Aerospace

NEW YORK (TheStreet) -- Google announced it purchased drone-maker Titan Aerospace, the very same company Facebook was recently said to be interested in acquiring for a reported $60 million.

VIDEO TRANSCRIPT:

Google (GOOG) has purchased drone company Titan Aerospace, the same company Facebook (FB) was recently said to be interested in acquiring.

The move is part of Google's push to spread Internet access around the world, especially to underdeveloped regions. 

In a statement to The Wall Street Journal, Google said, "Atmospheric satellites could help bring Internet access to millions of people, and help solve other problems, including disaster relief and environmental damage like deforestation."

WATCH: More videos from Brittany Umar on TheStreet TV

Although the two companies will still operate individually, Titan will team up with Google on its Maps service as well as Project Loon, which aims to spread Internet service by using giant, high-altitude balloons. Titan claims its drones are able to stay in the air for up to five years at a time.

Terms of the deal were not disclosed, but according to earlier reports, Facebook had been interested in acquiring Titan for $60 million. The social media giant instead acquired British drone-maker Ascenta for $20 million.

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.

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