Google, Facebook to merge to drive more online traffic
The combined companies would create a company that could create an online search engine that is “at the cutting edge of what we know is the Internet,” according to the filing.
The two companies would “use their combined technology, resources, expertise, and technology to build a network of trusted partners that will deliver better, more relevant, and more accurate search results.”
Facebook has said it would be the parent company of the new company, while Google would be its parent company.
The companies would be led by an “independent board” with a “clear understanding of Google’s business strategy and objectives.”
Facebook’s board of directors, which would consist of seven people from its business unit, including executive chairman Mark Zuckerberg, has yet to be announced.
In a statement, Facebook said it expects the merger to be completed by the end of the year.
Facebook has previously said it intends to merge with Yahoo Inc., but it has not said how the two companies will operate.
The deal is the latest in a string of acquisitions by Google.
Facebook acquired news site Vox in 2014 for $500 million, and it bought Instagram for $1 billion in 2016.