Apple has reportedly missed another massive acquisition opportunity after payment company Square turned down a $3 billion deal.
Apple introduced a new mobile payment solution called Apple Pay during its iPhone 6 launch event. But reports are surfacing that the move was followed by a failed deal between Apple and Square. According to sources familiar with the matter, Apple reportedly held acquisition talks with payment company Square by placing around $3 billion on the table, but negotiations failed, TechCrunch reports.
Square's decision to walk away from the deal was expected , considering the company was valued at $6 billion, up from its valuation of $5 billion earlier this year. The company raised $100 million in capital to bring its worth to the $6 billion figure, according to a filing report obtained by Fortune via VCExperts.
"Apple wanted the company to come aboard, according to one source, but the discussed price was a sticking point: The tipster held that Apple wanted to buy Square for less than half of the $6 billion valuation it eventually would raise at (around $3 billion). Square, valued at the time at a firm 66 percent delta to that price point, declined to accept," the publication writes.
Apple was so keen on acquiring the firm that it showed a software register, restaurant and spa booking services and a payment system for iPhones, in the form of Apple Pay. The executives at Square apparently weren't thrilled enough with Apple's plans as it threatened to get in the way of Square's own products and services.
In the latest turn to the story, Loopinsight's Jim Dalrymple attempted to scuttle the rumors of Apple's interest in buying Square with a single-worded reply, "nope," Apple Insider reports.
