Google is about to buy an iPhone maker, and the new company will be known as “Google X” or “Xcom,” according to two people familiar with the matter.
The deal would be a potential departure for Google, whose stock has been in free fall since Google announced the acquisition last month.
The new company would make iPhones and other devices from Apple, Microsoft and others.
It would be led by Mr. Cook, the co-founder of Apple and co-chairman of Google, and other executives, including Ms. Mayer, a former chief executive of Yahoo, and Tim Cook, a billionaire tech investor who now runs Google.
The companies’ offices would be merged, according to the people, who asked not to be identified discussing internal matters.
A deal is expected to close this week.
The acquisition would also add to a growing list of Apple-related companies, including Beats Electronics, Beats Music and its licensing arm, Beats Electronics Media.
Google is already one of the most valuable companies in the world.
It is the biggest technology company in the U.S. with revenues of about $100 billion a year, and it has a market capitalization of more than $300 billion.
Its Android operating system is used by more than 150 million users around the world, and more than two-thirds of all smartphone owners use the Google mobile operating system.
The Google deal would give the company an array of products, including phones, tablets and digital content that will help it expand into the mobile world.
But it would also create new opportunities for Google’s competitors in the growing field of augmented reality, where augmented-reality apps are increasingly integrated into existing products and services.
Mr. Schmidt, a longtime executive at Google, has a reputation for building companies that are both innovative and profitable.
He is also one of Silicon Valley’s most prominent venture capitalists, and he has invested in many companies that have been struggling.
The company has been struggling to stay afloat, especially after its biggest investor, eBay Inc., dropped out last year.
But Google has been spending more money than it has, and its stock is trading above $100.
Google has raised $5 billion in funding since the start of 2018, including $1.5 billion from private investors.
In the most recent quarter, it raised $2.4 billion, according the most recently available data.
Mr: Cook, 61, a co-founder of Apple, has been CEO of the company for more than 30 years and has had close ties to Mr. Jobs, who died in 2011.
The merger would be the biggest in history.
Google already has more than 300 employees at its headquarters in Mountain View, Calif.
The search giant is expanding its mobile and cloud computing businesses, and Mr. Trump has called for Amazon.com Inc. to create a “secret” online marketplace for online sales, a move that could give the Amazon founder a leg up in his own online business.