GOOGL - Google's Fitbit Acquisition Might Not Close This Year
Fitbit (NYSE: FIT) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) subsidiary Google have been hoping to close the $2.1 billion acquisition of the wearable gadget maker this year, but that might not happen. Initially announced in November 2019, Google and Fitbit have been trying ever since to address antitrust concerns in order to secure regulatory approval.
"The duration of regulatory approvals cannot be foreseen with certainty," Fitbit wrote in its most recent quarterly filing. "While the Merger is expected to close in 2020, the time frame may extend beyond that."
Fitbit Sense. Image source: Fitbit.
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Google's Fitbit Acquisition Might Not Close This Year