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ALPHABET INC.

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Exclusive: Google sweetens Fitbit concessions, EU okay in sight - sources

10/16/2020 | 01:15pm EST
Fitbit Blaze watch is seen in front of a displayed Google logo in this illustration

BRUSSELS (Reuters) - Alphabet's Google has tweaked concessions aimed at allaying EU antitrust concerns about its $2.1 billion purchase of Fitbit, people familiar with the matter said, putting it on course to secure EU approval for the deal.

The world's most popular internet search engine last month offered to restrict the use of Fitbit data for Google ads, facilitate rival makers of wearables seeking to connect to the Android platform and allow third parties' continued access to Fitbit users' data with their consent.

Google revised the package after the European Commission received feedback from rivals and consumers, the people said, declining to provide details. The move could also help stave off a possible EU charge sheet setting out specific concerns.

The EU competition enforcer has to date not sought further feedback from the market, indicating the changes have likely passed muster with the Commission.

The EU competition enforcer, which earlier on Friday extended the deadline for its decision to Jan. 8 from Dec. 23 in agreement with Google, declined to comment.

Google reiterated its previous statement, saying that the deal was about devices and not data. Fitbit shares gained after the Reuters story and were up 1.58% in early U.S. trade.

"The wearables space is crowded, and we believe the combination of Google and Fitbit's hardware efforts will increase competition in the sector, benefiting consumers and making the next generation of devices better and more affordable," Google said.

Concessions so far, however, have failed to appease rivals and customers.

A group of 19 bodies including consumer organisations and privacy advocates in the EU, the United States and Brazil is among the latest critics, issuing a joint letter on Thursday to demand tough concessions from Google.

Fitbit, once the leader in the wearable devices market, had a 3% share of the global wearables market as of the first quarter of 2020, way behind Apple's 29.3% share, as well as Xiaomi, Samsung and Huawei, data from market research firm International Data Corp showed.

(Reporting by Foo Yun Chee; editing by Jason Neely and Mark Potter)

By Foo Yun Chee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.30% 1787.02 Delayed Quote.31.71%
APPLE INC. 0.48% 116.59 Delayed Quote.58.05%
EURO / BRAZILIAN REAL (EUR/BRL) 0.54% 6.3746 Delayed Quote.40.67%
FITBIT, INC. -0.14% 7.18 Delayed Quote.9.44%
SAMSUNG ELECTRONICS CO., LTD. 2.10% 68000 End-of-day quote.21.86%
XIAOMI CORPORATION 1.72% 26.6 End-of-day quote.146.75%
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Financials (USD)
Sales 2020 179 B - -
Net income 2020 35 705 M - -
Net cash 2020 118 B - -
P/E ratio 2020 35,0x
Yield 2020 -
Capitalization 1 196 B 1 196 B -
EV / Sales 2020 6,03x
EV / Sales 2021 4,93x
Nbr of Employees 132 121
Free-Float 90,3%
Chart ALPHABET INC.
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Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Buy
Mean consensus BUY
Number of Analysts 47
Average target price 1 884,54 $
Last Close Price 1 787,02 $
Spread / Highest target 25,9%
Spread / Average Target 5,46%
Spread / Lowest Target -30,8%
EPS Revisions
Managers
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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