EU approves Google's acquisition of Wiz cloud protection platform
$32B offer approved by EU Commission, concluding transaction would raise no competition concerns in European Economic Area
ISTANBUL
The European Commission announced Tuesday that it approved Google's acquisition offer of the cloud protection platform Wiz worth $32 billion.
"The Commission concluded that the transaction would raise no competition concerns in the European Economic Area ('EEA')," it said in a statement.
Google announced last March that it had reached an agreement to acquire Wiz for $32 billion.
Google plans to strengthen its operations in the cybersecurity and cloud computing sectors with the acquisition.
The European Commission has the authority to oversee mergers and acquisitions by large-scale companies operating in European countries.
In its investigations and inquiries, the Commission assesses whether there is any anti-competitive behavior. If anti-competitive behavior is identified, the European Commission can block mergers or acquisitions.
