Google CFO expects Fitbit acquisition to clear by finish of yr

Google CFO expects Fitbit acquisition to clear by finish of yr

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By Emily Chang and Mark Bergen

Alphabet Inc. Chief Monetary Officer Ruth Porat mentioned the corporate anticipates its bid for Fitbit Inc. will likely be accomplished this yr, regardless of intensive regulatory probes of the deal and a significant antitrust case by the U.S. authorities.

“We do nonetheless count on we’re going to obtain the mandatory regulatory approvals to hopefully full the transaction earlier than the tip of this yr,” Porat mentioned in an interview with Bloomberg Tv. “However the timeframe might lengthen past that.”

Google introduced its plans to purchase Fitbit for $2.1 billion in November 2019, noting that it will use the smartwatch maker to enhance its lagging {hardware} enterprise. The deal has confronted criticism and regulatory scrutiny in Europe and the U.S. Earlier this month, the U.S. Division of Justice sued Google mum or dad Alphabet Inc. for abusing antitrust legal guidelines.

Google has beforehand mentioned it deliberate for the Fitbit deal to shut in 2020. On Wednesday, Fitbit mentioned in a submitting that the completion date for the merger was prolonged till February of 2021.

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