Fitbit Inc. FIT,
announced Thursday morning that the acquisition of Alphabet Inc.’s [s; GOOGL]
Google has officially closed. Alphabet agreed to pay around $ 2.1 billion, or $ 7.35 per share, to acquire Fitbit. The agreement was first announced in November 2019, but met with a regulatory setback, especially in the EU. European regulators who looked at the deal finally gave their blessing last month after securing Google̵
7;s privacy commitments. “Google will continue to protect the privacy of Fitbit users and has entered into a number of binding commitments to global regulators, which confirm that Fitbit users’ health and wellness data will not be used for Google ads, and this data is kept separate from other Google ads “data,” said CEO James Park in a letter to Fitbit users on Thursday. Fitbit shares were stopped before the announcement. Fitbit’s share had gained 5.2% over a 12-month period compared to a 16% increase for the S&P 500 SPX,
over the same span.