Google to buy Fitbit for US$2.1B to boost hardware [Business News Network (BNN) Energy & Resources (Canada)]
FITBIT INC (FIT)
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Source: Business News Network
Google to buy Fitbit for US$2.1B to boost hardware Alphabet Inc.’s Google agreed to buy smartwatch maker Fitbit Inc. for US$2.1 billion in cash, a move that could shore up the internet giant’s hardware business while also potentially increasing antitrust scrutiny. Fitbit shares jumped 17 per cent. Google will pay US$7.35 a share for San Francisco-based Fitbit, according to a statement Friday. That represents a 71 per cent premium to Fitbit’s stock price before Reuters reported Google had made a bid on the company on Oct. 28. The acquisition is Google’s second major purchase this year, after it agreed to pay US$2.6 billion for cloud software provider Looker in June. The deal is sure to attract regulatory scrutiny. State and federal authorities are investigating Google for potential anti-competitive practices related to how it handles consumer data and operates in the digital-advertising market. Though Google isn’t a leader in smartwatches or fitness trackers, regulators in the U.S. and
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