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Fitbit Inc. FIT
announced Thursday morning that its acquisition by Alphabet Inc. [s; GOOGL]
GOOG,
Google has officially closed. Alphabet has agreed to pay around $ 2.1 billion, or $ 7.35 per share, to acquire Fitbit. The deal was first announced in November 2019, but has faced regulatory setback, particularly in the European Union. EU regulators reviewing the deal finally gave their blessing last month after securing data privacy commitments from Google. Google will continue to protect the privacy of Fitbit users and has made a series of binding commitments with global regulators, confirming that Fitbit user health and wellness data will not be used for Google ads and that this data will be kept separate from other Google ads, “CEO James Park said in a letter to Fitbit users on Thursday. Fitbit shares were suspended prior to the announcement. Fitbit shares had gained 5.2% on a 12-month period, compared to an increase of 16% for the S&P 500 SPX,
over the same duration.
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