Google closes deal to buy Fitbit as Justice Dept probe continues By Reuters, Fox News Work offer you 24/7 Headline News

Google closes deal to buy Fitbit as Justice Dept probe continues By Reuters

2/2

© Reuters. Fitbit Blaze watch is seen in front of a displayed Alphabet logo in this illustration

2/2

WASHINGTON (Reuters) – Search and advertising giant Google has closed its deal to buy Fitbit (NYSE:), the companies said on Thursday, even as the Justice Department said it was continuing its probe of the $2.1 billion transaction.

The Justice Department, which sued Alphabet (NASDAQ:) Inc’s Google in October for allegedly violating antitrust law in its search and search advertising businesses, said it “has not reached a final decision about whether to pursue an enforcement action” regarding the Fitbit deal.

Google had said it was buying Fitbit, which makes a watch-like device to measure physical activity, as a way to enter the devices market and was hoping to address privacy concerns.

“We worked with global regulators on an approach which safeguards consumers’ privacy expectations,” Google said in a blog post, which said Fitbit had 29 million active users.

“(That includes) a series of binding commitments that confirm Fitbit users’ health and wellness data won’t be used for Google ads and this data will be separated from other Google ads data.”

While Alphabet is best known for a free service, its market-leading Google search engine, it has many other businesses, including online advertising services, audio device and thermostat maker Nest, video company YouTube and self-driving car company Waymo.

Google won EU antitrust approval last month for its Fitbit bid after agreeing to restrictions on how it will use customers’ health-related data.

Google’s plan to buy Fitbit immediately raised concerns when it was announced in late 2019 because of its already rich trove of data about people, what they buy, where they travel, and more.

Fitbit’s fitness trackers and other devices monitor users’ daily steps, calories burned and distance traveled. They also measure floors climbed, heart rate, and how long and how well people sleep.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *