Google will owner Alphabet is to buy wearable device maker Fitbit for $2.1 billion, as the search giant looks to enter the fast-growing market for fitness trackers and smartwatches.
Fitbit said on Friday it had been offered $7.35 per share in cash, a premium of about 19 per cent to the stock’s closing price on Thursday.
Shares in the company have gained more than 40 per cent since Reuters exclusively reported on Monday that Google had made an offer for the maker of the popular colourful fitness trackers.
While Google has joined other major technology companies such as Apple and Samsung in developing smart phones, it has yet to develop any wearable offerings.
Qatalyst Partners acted as financial adviser to Fitbit, while Fenwick & West was its legal adviser.
- Reuters
