Google completes Fitbit acquisition for $ 2.1 billion

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In this news, we discuss the Google completes Fitbit acquisition for $ 2.1 billion

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(Reuters) – Alphabet Inc’s Google has completed its $ 2.1 billion acquisition of wearable device maker Fitbit Inc, the companies said Thursday.

The deal had raised concerns about Google’s market power and the use of people’s health data in targeted advertising.

The companies got antitrust approval from the European Union in December after Google agreed to restrictions on how it will use customer health data.

“This deal has always been about devices, not data, and we’ve been clear from the start that we’ll protect the privacy of Fitbit users,” Google said in a blog post Thursday.

Once the market leader in wearable devices, Fitbit has lost market share to Apple, Xiaomi, Samsung and Huawei in recent years.

Report by Munsif Vengattil in Bengaluru; Edited by Arun Koyyur

Original © Thomson Reuters

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