Google buys Wi-Fi provider ICOA for $400 million

Associated Press Modified: November 26, 2012 at 10:00 am •  Published: November 26, 2012
Advertisement
;

NEW YORK (AP) — Google has bought an operator of Wi-Fi hotspots in high-traffic locations such as airports, hotels and fast-food restaurants.

Google Inc. is paying $400 million for ICOA Inc., a Warwick, R.I., company, as part of the search company's efforts to diversify its portfolio.

ICOA owns or operates Wi-Fi wireless access services in 40 states. It also sells technology for others to run similar Wi-Fi networks under their own brands.

It's not Google's first venture into Internet access. The Mountain View, Calif., company is building an ultra-fast wired Internet service in Kansas City, primarily to showcase for what's technically possible and to test new ways to use the Internet.

Shares of Google fell $6.07, or 0.9 percent, to $661.90 in morning trading Monday.



Trending Now


AROUND THE WEB

  1. 1
    Baylor's Shawn Oakman not impressed by OU's win over Alabama in Sugar Bowl
  2. 2
    Dez Bryant, three Sooners in NFL trade value top 50 (so far)
  3. 3
    Johnny Manziel's No. 2 leads NFL in jersey sales
  4. 4
    You're more likely to get a raise now
  5. 5
    Google has a plan to speed up the Web
+ show more