Google To Buy Satellite Imaging Co. Skybox For $500 Mln.

(RTTNews) - Google Inc. (GOOG, GOOGL) Tuesday said it has agreed to buy Skybox Imaging Inc., a satellite imaging company, for $500 million, which the search engine giant expects will help improve its maps services.

Google, in a statement said, "Skybox's satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skybox' team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in."

The satellite company specializes in capturing and recording very detailed landscape pictures and video. Skybox has designed satellites to capture images and deliver them to customers with details down to less than a meter according to its website. Targeted industries include agriculture, mining and insurance.

Commenting on the deal, Skybox in a blog post said, "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."

"Skybox and Google share more than just a zip code. We both believe in making information (especially accurate geospatial information) accessible and useful. And to do this, we're both willing to tackle problems head on — whether it's building cars that drive themselves or designing our own satellites from scratch," Skybox said.

Interestingly, Google's move to buy Skybox follows its acquisition of drone maker Titan Aerospace in mid-April, beating Facebook(FB) to the deal. Facebook was reportedly in talks with Titan to acquire it with Mark Zuckerberg planning a drone-enabled Internet delivery system.

Google said closing of the acquisition is subject to customary regulatory approvals in the US.

GOOGL is currently trading at $568.04, down $2.68 or 0.47%, on the Nasdaq.