announced Thursday morning that its acquisition by Alphabet Inc.’s [s; GOOGL] GOOG,
Google has officially closed. Alphabet agreed to pay about $2.1 billion, or $7.35 a share, to acquire Fitbit. The deal was first announced in November 2019 but faced regulatory pushback, particularly in the European Union. European regulators who were looking into the deal eventually gave their blessing last month after securing commitments from Google around data privacy. “Google will continue to protect Fitbit users’ privacy and has made a series of binding commitments with global regulators, confirming that Fitbit users’ health and wellness data won’t be used for Google ads and this data will be kept separate from other Google ad data,” Chief Executive James Park said in a letter to Fitbit users Thursday. Fitbit shares were halted prior to the announcement. Fitbit’s stock had gained 5.2% over a 12-month span compared with a 16% rise for the S&P 500
over the same span.