Shares of technology companies gained.

A European Union privacy regulator has proposed a fine of more than $425 million against Amazon.com, part of a process that could yield the biggest-yet penalty under the bloc's privacy law, people familiar with the matter said.

Luxembourg's data-protection commission, the CNPD, has circulated a draft decision sanctioning Amazon's privacy practices and proposing the fine among the bloc's 26 other national authorities, the people said. An Amazon spokesman declined to comment.

Meanwhile, NextNav Holdings is combining with a special-purpose acquisition company that would take the next-generation GPS firm public and value it at about $1.2 billion, the companies said. Founded in 2007, NextNav says its platforms can locate a device's specific indoor positioning, including what floor of a building it is on. Vertical positioning data are a focus for regulators to improve responses to 911 emergency calls in urban areas and could have consumer applications in sectors like gaming and transportation that require a device's specific location. 


 Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

06-10-21 1730ET