Giant tech companies are seeking deals at their fastest pace in years, fueled by COVID-19 despite an increase in scrutiny by regulators.
The Financial Times reported Google, Amazon, Apple, Facebook and Microsoft have made 19 deals so far this year, according to Refinitiv, the London-based global provider of financial market data. This represents the fastest pace of acquisitions and strategic investments since 2015.
On Wednesday (May 27), PYMNTS reported Amazon is negotiating to purchase the California self-driving car company Zoox. Two years ago it was valued at $3.2 billion, FT reported.
Last month, Facebook closed a $5.7 billion deal for a minority stake in Indian telecom startup Reliance Jio, giving the social media giant a larger foothold in the region.
These coronavirus pandemic deals represent a different world compared to the 2001 recession and the financial crisis of 2008, when tech companies stayed on the sidelines as the stock market tumbled, the news service reported.
Read the full article on PYMNTS.