Google To Buy Satellite Company For $500 Million

Skybox Imaging, a company that uses satellites to take detailed images of the Earth, will be acquired by Google GOOG GOOGL for $500 million.

Google says that Skyboy will, “help keep Google Maps accurate with up-to-date imagery.” In addition, Google hopes Skybox will help it improve internet access and disaster relief, “areas Google has long been interested in.”

The deal has been rumored for a long period of time; toward the end of March, TechCrunch reported the two companies were in talks, and that the deal could be worth more than $1 billion.

Shares of Google did not react to the news. The company was last trading at $559.62, down 0.52 percent for the day.