Google completes Fitbit transaction

Google has completed its acquisition of Fitbit before the ACCC completed its review of the proposed transaction.

The ACCC had been undertaking an informal merger review and, in June 2020, had released a Statement of Issues outlining preliminary competition concerns. Google subsequently offered a s 87B undertaking; the ACCC announced it would not accept this undertaking on 22 December 2020.

As the acquisition has now been completed the ACCC has stated that the matter has become an enforcement investigation of a completed merger.

See merger register.

See also:

• Rick Osterloh, ‘Google completes Fitbit acquisition’ (Google blog, ‘The Keyword’, 14 January 2021)

• James Park, ‘Fitbit Joins Google’ (Fitbit, 14 January 2021)

• Cara Waters, ‘‘ACCC considers legal action after Google completes $2.7 billion Fitbit deal’ (SMH, 15 January 2021)

• Scott Plowman, ‘Google announces that they have completed their purchase of Fitbit — has anyone told the ACCC?‘ (EFTM, 15 January 2021)

• Jennifer Dudley-Nicholson, ‘Google’s $2.7bn Fitbit purchase faces investigation, legal action over competition and privacy fears‘ (The Courier Mail, 15 January 2021)

• Ben Schoon, ‘Fitbit acquisition could still face legal trouble as Google jumped the gun on investigations’ (9TO5Google, 15 January 2021)

• Ryne Hager, ‘Google claims Fitbit acquisition is “complete”, governments around the world disagree’ (Android Police, 15 January 2021)

• Dave Sebastian, ‘Google proceeds with Fitbit deal, but Government reviews continue’ (the Wall Street Journal, 14 January 2021)

• Ron Amadeo, ‘Google says it’s closing the Fitbit acquisition - uh, without DOJ approval?’ (Ars Technica, 15 January 2021)

• Ben Butler, ‘Google faces $400m fine over Fitbit takeover if it doesn't wait for competition watchdog's approval’ (The Guardian, 22 December 2020)