Bulletin
Investor Alert

New York Markets Open in:

July 13, 2020, 10:39 p.m. EDT

Google offers not to use Fitbit health data for ads to ease EU concerns: report

In a bid to ease European Union antitrust concerns, Alphabet Inc.’s Google has offered not to use health data from Fitbit devices to target ads, Reuters reported Monday .

Google is in the process of acquiring Fitbit, in a deal worth around $2.1 billion.

“We appreciate the opportunity to work with the European Commission on an approach that safeguards consumers’ expectations that Fitbit device data won’t be used for advertising,” Google reportedly said in an email to Reuters.

Investors have been dubious that the Fitbit deal will go through, due to antitrust and data-privacy concerns. Aside from EU regulators, the U.S. Justice Department must also approve the deal.

Fitbit shares (NYS:FIT) are up 1% year to date, while Alphabet’s Class A stock (NAS:GOOGL) is up 13%, compared to the S&P 500’s (S&P:SPX) 2.4% decline this year.

Link to MarketWatch's Slice.