8/4/2020, 3:12 PM (Source: TeleTrader)
more TeleTrader news

EU launches 'in-depth' probe into Google's Fitbit deal

The European Commission announced on Tuesday it is launching an "in-depth" investigation into Google's planned acquisition of wearable technology device maker Fitbit.

The EU regulator noted it is "concerned that the proposed transaction would further entrench Google's market position in the online advertising markets by increasing the already vast amount of data that Google could use for personalization of the ads it serves and displays." The Commission noted it will reach a final decision on the matter by December 9.

Last year, Google announced it reached a definitive agreement to buy Fitbit for $2.1 billion in cash. However, regulators in Europe and the United States have expressed privacy and competition concerns about the proposed acquisition.

Breaking the News / NP