HubSpot Shares Climb After CNBC Anchor Confirms Alphabet Acquisition Rumor

CNBC's David Faber seemingly confirmed Alphabet's rumored acquisition of the cloud-based growth platform. "There have been many reports about HubSpot being in conversations with Google," Faber said. "My understanding is absolutely true, all stock deal for Alphabet to acquire HubSpot." Last month, Reuters reported that Alphabet had met with Morgan Stanley advisors to discuss a possible offer to acquire HubSpot.

HubSpot, Inc. HUBS shares are trading higher Tuesday as investor's digest reports that Google parent Alphabet, Inc. GOOG GOOGL will acquire the company in an all-stock deal. 

The Details:

According to a report, CNBC's David Faber said reports of Alphabet's rumored acquisition appear true.

“There have been many reports about HubSpot being in conversations with Google,” Faber said. “My understanding is absolutely true, all stock deal for Alphabet to acquire HubSpot.”

Last month, it was reported that Alphabet had met with advisors to discuss a possible offer to acquire HubSpot.

HubSpot provides a cloud-based marketing, sales, and customer service software platform and reported total revenues of $2.17 billion in 2023. The company anticipates full-year 2024 revenue of $2.55 billion to $2.56 billion and has a market cap of $30.076 billion. If a deal goes through, it would be Alphabet’s largest acquisition to date.

HubSpot shares are moving on heavy trading volume as investors digest the latest reports with more than 762,000 shares already traded in Tuesday's session,according to data from Benzinga Pro.

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HUBS Price Action: According to Benzinga Pro, HubSpot shares are up 7.96% at $637.15 at the time of publication Tuesday.

Image: Courtesy of HubSpot, Inc.