© fitbit Electronics Production | November 04, 2019
It's official - Google takes on Fitbit
Google has entered into a definitive agreement to acquire the fitness technology company in a USD 2.1 billion deal.
The rumours about the acquisition proved to be true, and Google is moving deeper into hardware. Google will be paying USD 7.35 per share in cash and the transaction is expected to close in 2020. “Google is an ideal partner to advance our mission. 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,” says James Park, co-founder and CEO of Fitbit, in a press release. In its own press release Google's Senior Vice President, Devices & Services, Rick Osterloh, writes that Google has, over the years, hade progress with partners in this space with Wear OS and Google Fit, but that the company sees an opportunity to invest even more in Wear OS - as well as to introduce "Made by Google" wearable devices into the market. "Fitbit has been a true pioneer in the industry and has created engaging products, experiences and a vibrant community of users. By working closely with Fitbit’s team of experts, and bringing together the best AI, software and hardware, we can help spur innovation in wearables and build products to benefit even more people around the world," Osterloh writes.