Google Ups Acquisition Spend In First Half

(RTTNews) - Internet giant Google Inc. (GOOG, GOOGL) significantly increased its spending on acquisitions in the first half of the year, a regulatory filing showed.

The company spent about $4.2 billion in acquisitions in the period, mostly for the purchase of thermostat company Nest Labs Inc. in February, up from $1.3 billion for the same period last year.

In the filing with the Securities and Exchange Commission, the firm said that of the total $2.5 billion purchase price and the fair value of its previously held equity interest of $152 million, $51 million was cash acquired, $430 million was attributed to intangible assets, $2.32 billion was attributed to goodwill, while $129 million was attributed to net liabilities assumed.

The goodwill of $2.32 billion was primarily attributable to the synergies expected to arise after the acquisition.

During the first half, the firm completed other acquisitions and purchases of intangible assets for total cash consideration of around $1.003 billion.

''These acquisitions generally enhance the breadth and depth of our expertise in engineering and other functional areas, our technologies, and our product offerings,'' Google said.

Google also said that the Texas Attorney General's office informed the firm in May that it was closing its antitrust investigation of its business practices, which began in July 2010.

GOOG closed down 0.7 percent on Friday at $ 589.02 and GOOGL settled down 0.8 percent at $ 598.08.