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.
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV