The deal involves transferring some of the HTC VIVE engineering staff to Google and granting non-exclusive intellectual property rights. HTC retained the rights to use and develop the technology.

Also Read: Meta’s Smart Glasses Dominate Ray-Ban Stores, AI Features Still Missing

The transaction marks the second major deal between the companies after Google’s $1.1 billion purchase of HTC’s smartphone unit in 2017, TechCrunch reports.

Google said the acquisition will boost Android XR platform development across headsets and glasses.

Google held $93.23 billion in cash and equivalents as of September 30, 2024.

Google’s rival Meta Platforms Inc (NASDAQ:META) plans to launch its AR glasses, Artemis, in 2027.

In 2024, Meta showcased its Orion AR glasses. Analysts, including Andrew Boone of JMP Securities, Scott Devitt of Wedbush, and Jason Helfstein of Oppenheimer, flagged Meta’s leadership in AR/VR with its Orion glasses and cost-effective Quest headsets.

Price Action: GOOGL stock is up 0.71% at $204.45 at the last check on Thursday.

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