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Google is buying stake in Auction.com


Google Inc. (GOOG)’s new investment arm is buying a minority stake in Auction.com LLC, the largest U.S. online real estate auction firm, for $50 million.

The investment by Google Capital, which expects to spend about $300 million this year to back late-stage companies, is the first in a real estate venture for the unit of the Mountain View, California-based Internet search firm. The deal values Auction.com at $1.2 billion, the Irvine, California-based company said today in a statement.

http://www.bloomberg.com/news/2014-03-05/google-invests-50-million-in-property-broker-auction-com.html