FIT - Google Isn't Giving Up on Fitbit Just Yet
It's been 11 months since Alphabet 's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google announced a head-turning $2.1 billion deal to buy wearables pioneer Fitbit (NYSE: FIT) . The transaction is taking a lot longer to close than most buyouts, largely on fears that regulators have about all of the health and tracking data that Fitbit collects falling into the hands of a tech giant.
The deal is now unlikely to close in 2020, as Alphabet and Fitbit initially hoped, but the pairing isn't dead just yet. Bloomberg is reporting that Google is offering a data pledge and other concessions in an effort to get the often stingy European Union to approve the acquisition.
Image source: Fitbit.
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Google Isn't Giving Up on Fitbit Just Yet