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CapitalG has not
made a formal announcement and it was not clear when Google made
the investment. The company was not immediately available to
comment. (http://bit.ly/2focX4i)
Snap Inc, which operates the popular messaging app Snapchat, has
hired Morgan Stanley <MS.N> and Goldman Sachs Group Inc <GS.N>
as lead underwriters for an initial public offering.
The banks were notified last month that they had been awarded
one of most coveted and potentially lucrative IPO mandates in
recent years, as the Venice, California-based company vies for a
$25 billion valuation in the stock market.
Snapchat, which lets users send smartphone photos which
automatically disappear after a few seconds, has proven popular
among teenage users.
The company had reportedly rejected an acquisition offer from
Facebook Inc <FB.O> that would have valued the company at $3
billion or more in 2013. (http://reut.rs/2f35J7m)
(Reporting by Subrat Patnaik in Bengaluru and Liana Baker in New
York; Editing by Bill Rigby)
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