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Google To Buy Fitbit For $2.1 Bln

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Wearables company Fitbit Inc. (FIT) agreed to be acquired by Google LLC for $7.35 per share in cash, valuing the company about $2.1 billion.

"More than 12 years ago, we set an audacious company vision - to make everyone in the world healthier. ... 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," said James Park, co-founder and CEO of Fitbit.

With the help of Google, Fitbit expects to go faster on innovation in the wearables category.

The transaction is expected to close in 2020.

In a blog post, Google Senior Vice President of Devices & Services said that the Fitbit purchase is "an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market."

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