Google to buy Fitbit for $2.1bn
Google is set to snap up Fitbit in a deal worth roughly $2.1bn (£1.6bn).
The tech giant is acquiring the fitness tracking company for $7.35 a share, in a move that is expected to be completed next year.
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Fitbit’s stock jumped 16 per cent in premarket trading.
The move is likely to pit Google against rival Apple within the global smartwatch market.
Following the offer on Monday, Google’s hardware boss Rick Osterloh said: “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.”
He added: Over the years, Google has made progress with partners in this space with Wear OS and Google Fit, but we see an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market.”
Wear OS platform is Google’s wearable operating system.
In a statement Google said: “We’re looking forward to collaborating with Fitbit to bring the best of our smartwatch platforms and health applications together, and enabling our partners to build the next generation of wearables.”