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Technology Fitbit stock surges on report that Google-parent Alphabet may buy company

18:40  28 october  2019
18:40  28 october  2019 Source:   cnet.com

Google parent Alphabet agrees to buy Fitbit

  Google parent Alphabet agrees to buy Fitbit It's part of the "next evolution of Wear OS."Fitbit is behind fitness trackers like the Versa 2 smartwatch and the Charge 3 band, which are compatible with both Apple'siOS and Google's Android operating systems (the Apple Watch is iOS-only).

Fitbit 's stock continued a two-day surge on Monday following a Reuters report that it's been mulling acquisition possibilities with investment bank Qataly The bank argued Fitbit could attract interest from Google - parent Alphabet , which doesn't have a smartwatch product like other tech giants.

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Fitbit shares surged Monday as a new report claimed that Google-parent Alphabet was looking into buying the wearable company.

a close up of a cell phone: Google-parent Alphabet may be eyeing Fitbit, makers of the Versa 2 smartwatch. Sarah Tew/CNET© Provided by CBS Interactive Inc. Google-parent Alphabet may be eyeing Fitbit, makers of the Versa 2 smartwatch. Sarah Tew/CNET

According to the report from Reuters, Alphabet has "made an offer" to buy Fitbit, though the report did not disclose terms. After briefly being halted, shares of Fitbit resumed trading late Monday morning, with the company rising nearly 28% to $5.51 early Monday afternoon.

Fitbit, of course, is the maker of popular wearables and fitness trackers including the recent Versa 2 smartwatch. Unlike the Apple Watch, which is iPhone-only, Fitbit's products work on both iOS and Android and provide a way for Android users to be able to connect to a wearable.

Google owner Alphabet wants to buy Fitbit, report says

  Google owner Alphabet wants to buy Fitbit, report says Google's parent company Alphabet has offered to acquire Fitbit, according to a Reuters report.But, the existence of an offer doesn’t suggest an acquisition is imminent: “There is no certainty that the negotiations between Google and Fitbit will lead to any deal,” according to the Reuters report.

Reuters sources said Alphabet has "made an offer" to buy Fitbit for an as yet undetermined Fitbit is apparently quite serious about exploring a sale. Reuters sources said Alphabet has All products recommended by Engadget are selected by our editorial team, independent of our parent company .

Google parent company Alphabet is reportedly in talks to buy wearable company Fitbit , Reuters reports . There is currently no confirmation that the deal will definitely take place In addition, please read our Privacy Policy, which has also been updated and became effective May 23rd, 2018.

a close up of a cell phone© Sarah Tew/CNET

Google has tried in the past to develop its own wearable platform called WearOS to rival Apple's smartwatch, but early efforts have failed to catch on with consumers despite attracting a host of high profile partners such as Tag Heuer, Fossil, Michael Kors and Movado.

In IDC's recent wearables report, the research firm found that Fitbit had a market share of 10.1% during the second quarter of 2019, shipping 3.5 million devices.

Google and Fitbit did not immediately respond to a request for comment. Alphabet is set to report earnings after the bell closes on Monday afternoon.

Google parent Alphabet to buy smartwatch maker Fitbit in $2.1-billion deal .
Fitbit is officially ceding over control after entering into "a definitive agreement" with Google for $7.35 per share in cash, Fitbit said in a statement. "With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health" data more accessible, " said James Park, co-founder and CEO of Fitbit.The pioneering maker of fitness gear helped to revolutionize the wearables market with its step counting device in 2007, but consumer interest has waned since Apple introduced the world to its smartwatch.

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