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

By Mucahithan Avcioglu

ISTANBUL (AA) - 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.

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