Google’s parent Alphabet abandons bid to acquire HubSpot

Google parent Alphabet Inc. has shelved efforts to acquire customer relationship management company HubSpot Inc., killing one of 2024 biggest deals.

Shares of HubSpot sank as much as 19% Wednesday in New York trading, the most since 2020.

Bloomberg reports that Alphabet and HubSpot failed to reach a conclusion on due diligence.

The deal for HubSpot had been touted to be in the same league as the pending $34 billion acquisition of Ansys Inc. by Synopsys Inc.

Jettisoning the deal could see Alphabet avert possible antitrust scrutiny that has beleaguered tech acquisitions.

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