By James MullenOctober 25, 2019 05:55:20Quantum Technologies, a global technology company that specializes in software, hardware and cloud services, has said it will not buy Google parent Alphabet Inc’s Google Fiber, despite an invitation from Google to make a deal.
Shares of the company fell by more than 1 percent in premarket trading on Tuesday after a statement by the chief executive, Chris Mullen, that Google has invited Mullen to “consider an offer of acquisition.”
The announcement comes just days after Google said it is preparing to sell its Fiber internet services business to Comcast Corp for $1.6 billion.
Google is a major investor in a number of companies that make digital content including YouTube and Facebook, but its stock has been down over the past year.
The company is also struggling to make inroads with content owners, as it attempts to lure subscribers to its video-on-demand services.
Its stock fell more than 4 percent on Tuesday, after a Reuters analysis showed the firm had been losing money for years.
Mullen said he was looking at ways to make acquisitions, including the sale of some of his companies to larger investors.
Google declined to comment.