Snap to Acquire British AR Company For Over $500M: The Verge
- Snap Inc (NYSE: SNAP) will acquire British augmented reality (AR) technology company, WaveOptics Ltd, for a purchase price of over $500 million, The Verge reports.
- It will pay half the purchase price in stock at closing and the other half in either cash or stock in two years.
- Snap is competing with Facebook Inc (NASDAQ: FB) and Apple Inc (NASDAQ: AAPL) to spearhead the AR devices market after the smartphone, Reuters reports.
- Snap recently showcased a new version of its AR-enabled Spectacles glasses exclusively for AR developers.
- Snap held $968 million in cash and equivalents as of March 31, 2021.
- Price action: SNAP shares traded higher by 0.44% at $57.32 on the last check Friday.
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