Google parent Alphabet Inc. (NasdaqGS:GOOGL) has shelved efforts to acquire HubSpot, Inc. (NYSE:HUBS), according to people with knowledge of the matter, putting to bed the prospect of a takeover that would have ranked among the biggest of the year. Shares of HubSpot, a customer relationship management company, fell as much as 19% 10 July 2024 in New York trading, the most since 2020. The shares closed down 12% to $492.31, giving the company a market value of about $25 billion.

Alphabet had communicated its interest in a potential deal with HubSpot earlier this year, but the sides didn?t reach a point of detailed discussions around due diligence, said the people, who asked not to be identified discussing confidential matters. A representative for Alphabet didn?t have an immediate comment. A HubSpot spokesperson declined to comment.