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Google Acquires $ 2.1 Billion in Fitbit

Google Acquires $ 2.1 Billion in Fitbit

Fitbit has lost market share for Apple, Xiaomi, Samsung and Huawei.

Alphabet Inc’s Google on Thursday completed its $ 2.1 billion acquisition of wearable device manufacturer Fitbit Inc.

The deal raised concerns about Google’s market power and the use of people’s health data in targeted advertising. In December, companies won a no-confidence motion from the European Union after Google agreed to restrictions on how customers’ health-related data would be used.

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“This deal has always been about devices, not about data, and we have been clear from the beginning that we will protect the privacy of Fitbit users,” Google said in a blog post on Thursday. Fitbit, once the market leader in wearable devices, has lost market share in recent years to Apple, Xiaomi, Samsung and Huawei.

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