Global: Google has $30B in offshore cash for acquisition targets

Google reportedly has as much as $30 billion in cash outside of the US that it could use for mergers and acquisitions, the company said in a filing with the Securities and Exchange Commission.

”We continue to expect substantial use of our offshore earnings for acquisitions as our global business has expanded into other product offerings like mobile devices,: the company said in its letter, adding that it “needs between $20 and $30 billion to fund possible acquisitions abroad.

The letter was sent last December and filed Tuesday, according to reports. The correspondence was part of ongoing communications between the two entities over disclosures.

The company has faced criticism for its offshore assets and cash, but defended itself earlier this year noting that its offshore cash is intended for offshore investments, not investments in the US.

The company also continues to face criticism from multiple jurisdictions across the globe over its market dominance in the online search industry, though the company noted its acquisitions would likely focus on other markets and industries.

Full content: Businessweek

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