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FIT - European Antitrust Regulators Formally Open Investigation Into Google-Fitbit Deal
Fitbit Inc. Class A
Following reports last month, the European Commission announced this week that it is officially opening an investigation into Google's proposed acquisition of Fitbit (NYSE: FIT). The Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) subsidiary had made an offer last November to scoop up the wearable tech specialist for $7.35 per share in cash in a $2.1 billion deal that immediately attracted scrutiny over fears that the search juggernaut would leverage sensitive health data for ad targeting.
Here's what antitrust regulators said about the deal.