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12/10/2019, 6:58 PM (Source: TeleTrader)
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Report: DoJ to investigate Google's Fitbit acquisition

The United States Department of Justice (DoJ) will launch an investigation into Google LLC's $2.1 billion acquisition of smartwatch company Fitbit, the New York Post reported on Tuesday, citing anonymous sources with knowledge of the issue.

The reason behind the probe is concern over Google's potential access to even more users' private data, especially health-related information. The DoJ and the Federal Trade Commission (FTC) both requested to investigate the deal, but only one of them is allowed to review the large merger deals, according to US antitrust prevention laws. Most of the previous transactions made by Google were reviewed by the FTC, but the DoJ is currently conducting wider investigations into possible antitrust behavior of the search giant.

Google announced on November 1 it agreed to acquire Fitbit for $2.1 billion in cash, or $7.35 per share.

Breaking the News / MS