Google Nearing EU Clearance to Acquire Fitbit

Google is set to win EU clearance to acquire Fitbit for $2.1 billion, possibly as soon as next week, a media report said.
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Alphabet's Google  (GOOGL) - Get Report is expected to receive European Union clearance for its $2.1 billion takeover of Fitbit,  (FIT) - Get Report, the fitness-focused consumer-electronics company, according to media reports.

The deal is set to be approved next week after the national competition authorities give their opinion, sources familiar with the matter told Bloomberg

The deal is expected to close this year, according to Ruth Porat, chief financial officer at Alphabet.

The EU currently has a Jan. 8 deadline to rule on the deal, according to Bloomberg.

Google, the Mountain View, Calif., advertising, search and cloud-computing giant, in November 2019 said it would acquire Fitbit, planning to use the San Francisco smartwatch manufacturer to improve its hardware business, according to Bloomberg.

Google agreed to concessions to alleviate EU antitrust concern about its move into wearable fitness devices. Its final pledge to European authorities hasn’t been disclosed.

On Monday, the Australian Competition and Consumer Commission published an offer from Google that looks similar to the European commitments, sources told Bloomberg.

Google vowed to Australia that it would maintain health and fitness apps’ access to Google and Fitbit data, and it confirmed that phones run by Google's Android operating system could keep working with other wearable devices for 10 years.

Tech giants Facebook  (FB) - Get Report and Google could face as many as four new antitrust lawsuits in January, a media report said on Monday.

Federal and state antitrust authorities are preparing to file new lawsuits against Google for abuse of its competitive position in search and advertising practices, people familiar with the matter told the Wall Street Journal. Facebook faces action regarding its social-media dominance, the paper reported.