NewsBreak: Google Agrees to Buy Fitbit for $2.1 Billion

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© Reuters. © Reuters. — Google parent Alphabet (NASDAQ:) said it has agreed to buy Fitbit (NYSE:) in a deal valuing the maker of health-focused wearables at $2.1 billion.

  • The bid equates to a price of $7.35 per share in cash, a premium of around 70% to where the stock was trading before rumors of the deal started to circulate earlier in the week.
    • Google is an ideal partner to advance our mission,” said James Park, co-founder and CEO of Fitbit. “With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead.”
    • “Fitbit has been a true pioneer in the industry and has created terrific products, experiences and a vibrant community of users,” said Rick Osterloh, Senior Vice President, Devices & Services at Google. “We’re looking forward to working with the incredible talent at Fitbit, and bringing together the best hardware, software and AI, to build wearables to help even more people around the world.”
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