CNBC sources state the EU will start an antitrust investigation into Google’s (GOOG,GOOGL) $2.1B Fitbit acquisition (NYSE:FIT) following week.
The European Commission’s preliminary inspection interval for the agreement finishes on August 4, and the watchdog will begin a full-scale, four-month investigation.
Google announcement: “The wearables area is more crowded, and we consider the combination of Google and Fitbit’s hardware attempts will boost competition in the industry, benefiting consumers and producing the next generation of apparatus better and less expensive.”
Beginning a research indicates the EU was not happy with Alphabet’s deal to never utilize FIT wellness data in targeted advertisements.
FIT stocks are down 2.4% PM to $6.50.