Breaking news on Friday reveals that the US Justice Department is now expected to announce – possibly before the end of business today – that an accord has been reach on Google Inc.’s proposed $700 million purchase of travel-software firm ITA Software Inc.
CNBC reported before 1:00 pm EST that sources close to the situation say the deal is nearly done and an announcement is imminent.
The deal, however, is said to be contingent upon a number of factors and conditions that Google must be agreeable to.
No additional specifics are known at this time.
Google’s acquisition play, which was announced in July 2010, sparked immediate ire and vociferous objection from competing online travel sites concerned that the deal would give Google an unfair competitive advantage in the market.
Microsoft was among the most prominent names urging the US Justice Department to block the deal.
Google contends that the purchase of ITA would help it “provide more useful information to consumers when they search for flight data.”