Some items on our site have recently moved. Visit our News Hub for selected articles, special reports, podcasts and other resources.
Google met EU regulators to discuss concerns about its Fitbit acquisition
07 Jul 2020 2:14 pm by Nicholas Hirst, Natalie McNelis
Google had a “state of play” meeting with EU merger case handlers yesterday to discuss its planned acquisition of fitness tracker company Fitbit, MLex has learned.
“State of play” meetings usually take place when the European Commission has initial misgivings about a deal’s potential impact on competition.
While the holding of such a meeting doesn’t automatically mean that the companies will have to offer remedies or the commission will start a phase II review, it's a strong indication that the commission thinks there's a problem that needs to be remedied in some way.
Google has until midnight on July 13 to offer to amend the deal by offering concessions to the EU regulator.
The EU watchdog has until July 20 to decide whether to clear the transaction or open an in-depth probe.
Google's parent Alphabet agreed to buy Fitbit for $7.35 a share in cash, valuing the company at about $2.1 billion.
The EU case file number is M.9660.
Related Articles
-
24 Feb 2021 7:23 am by Yonnex LiChip dealmakers from the US and elsewhere are likely to be bracing for new challenges in their global buying spree.
-
29 Dec 2020 12:00 am by Curtis EichelbergerMergers and US antitrust filings are expected to remain strong through the first half of 2021, fueled by acquisitions in the wake of the global pandemic.
-
19 Oct 2020 10:29 pm by Kirk VictorA recommendation in the House Judiciary Committee’s 452-page report on competition in digital markets is sparking debate.