LOS ANGELES: After U.S. markets closed on Friday, Alphabet replaced Google as the publicly traded company that will house Google s search and Web advertising businesses, maps, YouTube and its “moonshot” ventures such as driverless cars.
Google s class A shares (GOOGL.O) and class C shares (GOOG.O) will automatically convert into the same number of Alphabet class A shares and class C shares and start trading on the Nasdaq from Monday. The ticker symbols will not change.
The structural overhaul, announced in August, is intended to separate the company s core businesses from ventures such as the driverless cars, glucose-monitoring contact lenses and Internet-connected high-altitude balloons.
Google s Sidewalk Labs, a company dedicated to coming up with technologies to improve urban city infrastructure such as a free WiFi program, will also be a part of the Alphabet business.
The core businesses will be called Google and operate as a wholly-owned subsidiary of Alphabet. Sundar Pichai will head Google.
Alphabet will be run by Google co-founder Larry Page and each of its businesses will have its own chief executive.
Starting from the company s fourth quarter in January, Alphabet will have two reporting units – Google and all other Alphabet businesses taken as a whole.
Investors have cheered the move, saying it will give them greater visibility into the financial performance of Google s highly profitable core businesses.
Alphabet s businesses will also include connected home products maker Nest, venture capital arm Google Ventures, and Google Capital, which invests in larger tech companies – (Reuters)