UPDATE November 1, 2019 – Google’s parent company Alphabet (GOOG, GOOGL) is acquiring health tracking company Fitbit (FIT) for $2.1 billion. The deal will pay out $7.35 per Fitbit share, which was priced at $6.16 in pre-market trading Friday.
Google parent company Alphabet Inc. is in talks to buy Fitbit according to Routers. Reuters originally mentioned the possibility of a Fitbit sale back in September but then nothing more on the matter until now.
Reuters sources have said that Alphabet has already made an offer to purchase the most well known U.S. fitness device company. There have been no confirmed details on the offer amount or what Fitbit’s reaction is to the offer but it does open up the possibility of a Google acquisition in the near future.
“Fitbit shares rose 27% on the news, giving the company a market capitalization of $1.4 billion. Alphabet shares rose 2% to $1,293.49.”
We have been patiently waiting for a Pixel watch for years now with no luck even though WearOS has been updated several times. Fitbit on the other hand has been slowly growing in the smartwatch market with its Ionic, Versa and Versa 2. While Fitbit it not a big player in the smartwatch market and even had a bit of criticism paired with Google could become a leader.
For now we will just have to keep our ears open and eye’s peeled as more information comes available we will do our best to report on it but at this time we are playing the waiting game until Fitbit makes a statement.