UPDATED: Google Acquires Wi-Fi Provider ICOA for $400 Million

Updated: This is not true.

Angela Moscaritolo of PCMag.com reports:

In a statement, Google said it made the acquisition to “further diversify its already impressive portfolio of companies.” The Web giant did not elaborate about its motivation for the deal.

You don’t spent $400 million on something that isn’t strategically important to your business. I predict that Google WiFi will launch in 2013.