Business Insider reports that Google may have offered to buy Snap Inc. for $30 billion back in 2016.
The reported deal is an “open secret” among Snap’s executives and the tech industry. Talks about just a buyout intensified just before Snap’s IPO in March.
Right now, it’s unclear how far along or how formal the talks between Snap and Google got or how serious Google was. But Snap has said rumours about a Google acquisition are false, while Google has declined to comment to Business Insider.
The $30 billion offer has reportedly been “on the table since the IPO”, and Alphabet’s growth equity firm, CapitalG quietly participated in Snap’s Series F round in May 2016, to put them at a value of $20 billion.
It’s not the first time a company has tried to acquire Snap. Back in 2013, Facebook tried to acquire Snap for around $3 billion.
Business Insider’s article goes into more detail about why or why not a deal between Snap and Google would make sense.