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UPDATED: Google (GOOG) Did Not Acquire Wi-Fi Provider ICOA

 November 26, 2012 03:52 PM

(By Balachander) Google Inc. (NASDAQ: GOOG) did not acquire ICOA Inc., a provider of Wi-Fi to high-traffic public locations, according to ICOA.

Early Monday, an online press release claimed that Google has acquired ICOA Inc. for $400 million in a move to further strengthen its companies portfolio.

The release on PR Web claiming Google had acquired ICOA for $400 million "is false.", the Wall Street Journal reported quoting Erwin Vahlsing, Jr., ICOA's chief financial officer.

[Related -Google Inc (GOOG) Q4 Earnings Preview: What To Watch?]

"It's a false release," Vahlsing told The Register. "The SEC has been notified."

ICOA has never had any discussions with potential acquirers, CEO George Strouthopoulos said. "Someone, I guess a stock promoter with a dubious interest, is disseminating wrong, false and misleading info in the PR circles."

Sources at Google also denied reports of such a deal, AllThingsD reported.

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