Apple buys a new company every two to three weeks, according to CEO Tim Cook. Often these deals aren’t announced because the companies are small and Apple is ‘primarily looking for talent and intellectual property’, Cook told CNBC’s Becky Quick in an interview from Berkshire Hathaway’s annual shareholder meeting.
According to Cook, the company looks at acquisitions after investing in initiatives like its new $1 billion campus in Austin, Texas.
“If we have money left over, we look to see what else we [can] do,” Cook said. “We acquire everything that we need that can fit and has a strategic purpose to it. And so we acquire a company on average, every two to three weeks.”
While Apple rarely makes large acquisitions, the last being Beats in 2014 for $3 billion, it has considered other major purchases including Time Warner in 2016. Some analysts are hopeful the company will acquire companies like Tesla to bolster its self driving car efforts or Netflix to propel its streaming video service.
More details in the full report linked below…
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