Competition Commission of India seeks more information on planned Amazon-Future Group deal. Google buys Fitbit for $2.1bn.
Antitrust Interject: In what could potentially delay the deal, the Competition Commission of India (CCI) has probed for more details about Amazon’s planned acquisition of a stake in India’s Future Retail.
In August, Amazon was reportedly set to acquire a 49% stake in a unit of Future Group, which owns 7.3% of Future Retail. This could have given the US giant a 3.58% stake in the retailer which operates more than 1,500 stores in the country.
In a notice to Amazon, the CCI said “in certain overlapping segments and areas of operation of the parties, the combined market share exceeds the threshold specified in the combination regulations.” Firstpost
Fitbit Joins the Google Family: In a blog post, Google has announced that it’s buying wearable fitness tracker company Fitness for $2.1bn. The deal is “an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market,” Google said.
In its press release, Fitbit confirmed the move, adding that it will continue to take privacy for health and fitness data seriously. “Fitbit health and wellness data will not be used for Google ads,” it added. The Verge
The deal is likely to the benefit of both sides. Google has spent years trying – and largely failing – to peak into the wearables market. Fitbit, on the other hand, has struggled to meet investor expectations, facing declining sales and challenging margins. CNBC
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