skip to main content

Google to acquire wearable firm Fitbit for $2.1bn

Fitbit says it has more than 28 million active users of its wearable fitness trackers
Fitbit says it has more than 28 million active users of its wearable fitness trackers

Alphabet's Google will buy wearable device maker Fitbit Inc for $2.1 billion, as the search giant looks to enter the fast-growing market for fitness trackers and smartwatches.

Fitbit said it had been offered $7.35 per share in cash, a premium of about 19% to the stock's closing price yesterday.

Fitbit shares have gained more than 40% since Reuters reported on Monday that Google had made an offer for the maker of the popular colourful fitness trackers.

Fitbit has been a market leader in wearable fitness trackers, however it has faced growing competition in recent years, particularly from rival Apple.

"We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal.

"Google is an ideal partner to advance our mission."