11/1/2019, 2:05 PM (Source: TeleTrader)
more TeleTrader news

Google announces $2.1B acquisition of Fitbit

Google LLC announced on Friday it reached a definitive agreement to buy smartwatch company Fitbit for $2.1 billion in cash, or $7.35 per share.

"We believe technology is at its best when it can fade into the background, assisting you throughout your day whenever you need it. Wearable devices, like smartwatches and fitness trackers, do just that," Google stated. "Fitbit has been a true pioneer in the industry and has created engaging products, experiences and a vibrant community of users. By working closely with Fitbit’s team of experts, and bringing together the best AI, software and hardware, we can help spur innovation in wearables and build products to benefit even more people around the world," Google stated.

The deal is subject to approval by Fitbit's shareholders, as well as regulators. The two companies note they expect the transaction to close in 2020.

Breaking the News / NP