Google has made important strides in its bid to settle antitrust issues that have stalled the acquisition of fitness tracker maker Fitbit. Immediate reports indicate the company has offered several concessions that it hopes will sway EU antitrust regulators ahead of a key ruling on December 23, 2020.
Google Fitbit Concession
Ahead of the big decision, the European Commission will have to seek feedback from rivals and customers affected by the way the tech giant acquisition of the fitness tracker maker. While the two are yet to make public the latest concessions, last month, the tech giant agreed not to use Fitbit fitness tracker data for advertising purposes as it seeks to address competition concerns.
The European Commission has opened talks with Google’s rivals and customers over interoperability issues. The Commission has also asked the company of the steps it could take to foreclose competition to Fitbit and the kind of incentives that could prompt it to agree to the same.
Google Fitbit Acquisition
Some media outlets are reporting that Google is close to winning EU antitrust approval that would set the stage for it to complete the fitness tracker maker’s $2.1 billion acquisition. The approval could come on the company agreeing to restrict the use of Fitbit data for advertising purposes. Google is also reportedly open to third-party access to Fitbit user’s data upon users’ consent.
The deal has stalled in recent months on antitrust authorities, especially in the EU, raising concerns over the kind of impact a Google partnership could have on completion in the wearable markets. The deal has also stalled on consumer privacy concerns. The EU has had to extend the deadline for approving the deal as it continues to assess the concerns raised
Fitbit is hoping to secure a deal with Google, having seen its prospects in the wearable market come under pressure. Once a leader, the company has seen its market share shrink to 3% compared to Apple’s 29.3%. The company also lags the likes of Xiaomi, Samsung, and Huawei.
Merry Markets is the home of free financial news and analysis on Forex, Stocks and cryptocurrencies. Check out our latest trading guides on best spread betting brokers, CFD Trading Website, and Commodities Trading.