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HubSpot Shares rose 8% on Tuesday after CNBC’s David Faber reported Alphabet is looking at an all-stock offering for the software company.
Reports of a possible deal first surfaced in early April, when Reuters published a story saying Alphabet was in talks with advisors about making a bid for HubSpot. Bloomberg followed up with a story earlier this month showing that talks were progressing.
“There are many reports that HubSpot is in discussions with Google,” Faber said on Tuesday. “I absolutely have it, an all-stock deal for Alphabet to acquire HubSpot.”
With a market cap of about $33 billion, HubSpot would be by far Alphabet’s largest deal ever after Tuesday’s jump. Google’s largest acquisition to date was the $12.5 billion purchase of Motorola Mobility in 2011.
HubSpot is mainly used for marketing by small and medium businesses. The products would likely fill a gap in helping Google provide marketing technology and customer relationship management tools to its customers, potentially boosting cloud revenue.
HubSpot shares were up slightly on the year ahead of Tuesday’s earnings, trading at $643.72 as of midday. In 2023, the share doubled in value.
Alphabet did not immediately respond to CNBC’s request for comment. HubSpot declined to comment.
— CNBC’s Jordan Novet contributed to this report.
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