SAN FRANCISCO (Reuters) - Google Inc is replacing the head of its in-house mergers and acquisitions group, David Lawee, with one of its top lawyers, according to a person familiar with the matter.
Don Harrison, a high-ranking lawyer at Google, will replace Lawee as head of the Internet search company's
corporate development group, which oversees mergers and acquisitions,
said the source, who spoke anonymously because he was not authorized to
speak publicly.
Google is also planning to create a new late-stage investment group that Lawee will oversee, the source said.
Google declined to comment. Lawee and Harrison could not immediately be reached for comment.
One of the Internet
industry's most prolific acquirers, Google has struck more than 160
deals to acquire companies and assets since 2010, according to
regulatory filings. Many of Google's most popular products, including
its online maps and Android mobile software, were created by companies
or are based on technology that Google acquired.
Harrison, Google's
deputy general counsel, will head up the M&A group at a time when
the company is still in the process of integrating its largest
acquisition, the $12.5 billion purchase of smartphone maker Motorola
Mobility, which closed in May.
And he takes over
at a time when the Internet search giant faces heightened regulatory
scrutiny, with the U.S. Federal Trade Commission and the European
Commission conducting antitrust investigations into Google's business
practices. Several recent Google acquisitions have undergone months of
regulatory review before receiving approval.
As deputy general counsel, Harrison has been deeply
involved in the company's regulatory issues and many of its
acquisitions. He joined Google more than five years ago and has
completed more than 70 deals at the company, according to biographical
information on the Google Ventures website.
Harrison is an adviser to Google Ventures, the company's nearly four-year old venture division which provides funding for start-up companies.
While most of
Google's acquisitions are small and mid-sized deals that do not meet the
threshold for disclosure of financial terms, Google has a massive war
chest of $45.7 billion in cash and marketable securities to fund
acquisitions.
Lawee, who took over the M&A group in 2008, has had
hits and misses during his tenure. Google shut down social media
company Slide one year after acquiring it for $179 million, for example.
The planned
late-stage investment group has not been finalized, the source said. The
fund might operate separately from Google Ventures, according to the source.
"Think of it as a private equity fund inside of Google," the source said.The company recently said it would increase the cash it allocates to Google Ventures to $300 million a year, up from $200 million, potentially helping it invest in later-stage financing rounds.
Google finished Friday's regular trading session down 1 percent, or $6.92, at $684.21.