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PHG - Google's Takeover of Fitbit Faces Another Regulatory Hurdle
Koninklijke Philips N.V. NY Registry Shares
Alphabet's (NASDAQ: GOOG)(NASDAQ: GOOGL) Google agreed to buy wearables maker Fitbit(NYSE: FIT) for $2.1 billion last November. It initially seemed like a win-win deal: Google would strengthen its wearables presence to counter Apple (NASDAQ: AAPL), and Fitbit would be salvaged after years of decelerating sales growth.
Yet the deal alarmed some consumers and privacy advocates, who worried that Google would mine Fitbit's user data to craft targeted ads. Both companies declared that wouldn't happen, but some Fitbit users still deleted their accounts and dumped their devices.