Snap to Acquire British AR Company For Over $500M: The Verge

May 21, 2021 2:01 PM | 1 min read | Make a Comment

Snap Inc SNAP will acquire British augmented reality (AR) technology company, WaveOptics Ltd, for a purchase price of over $500 million, The Verge reports.
It will pay half the purchase price in stock at closing and the other half in either cash or stock in two years.
Snap is competing with Facebook Inc FB and Apple Inc AAPL to spearhead the AR devices market after the smartphone, Reuters reports.
Snap recently showcased a new version of its AR-enabled Spectacles glasses exclusively for AR developers.
Snap held $968 million in cash and equivalents as of March 31, 2021.
Price action: SNAP shares traded higher by 0.44% at $57.32 on the last check Friday.