Google will acquire Fitbit for $2.1 billion—which could help it to compete with Apple
: Google is acquiring wearables firm Fitbit in an effort to capture a larger share of the sector in a deal that values the smartwatch company at $2.1 billion.
The deal, which sees Google acquire Fitbit for $7.35 per share, will enable Google to strengthen it wearables offering, particularly its Wear OS software, as well as introducing Made by Google wearables, Google’s Devices and Services SVP Rick Osterloh said. Preemptively, Google addressed privacy concerns in its statement and vowed to protect user information, while Fitbit alsoFitbit stock climbed 16% on Friday’s announcement.
The deal is expected to close in 2020 and comes after Google acquired rights to Fossil’s smartwatch technology in January.
. Fitbit, which spearheaded the popularity of wearable devices after it was founded in 2007, has been making acquisitions in health software and smartwatch firms in a bid to diversify its income,: Fitbit boasts 28 million users on its platform and has sold more than 100 million devices.: Fitbit, as well as Google’s parent firm Alphabet, are due to report their earnings next week.
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