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Technology Google owner Alphabet wants to buy Fitbit, report says

19:45  28 october  2019
19:45  28 october  2019 Source:

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

  Fitbit stock surges on report that Google-parent Alphabet may buy company Fitbit stock has jumped nearly 28% following a Reuters report that Google is preparing to buy the company.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.

Google’s parent company Alphabet Inc. has reportedly made a formal offer to buy Fitbit, sources told Reuters.

a close up of a hand holding a cellphone: Fitbit© Provided by Future Publishing Ltd. Fitbit

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.

Given how long we’ve waited for Google to release its own heavily-rumored Pixel Watch, it’s not a surprise that the company is also interested in the fitness hardware market. After years developing WearOS, it’s no stranger to wearables software, either – though given Fitbit’s reliance on its own proprietary OS, it would be up to speculation whether a Google-owned Fitbit would switch over.

Alphabet is reportedly interested in buying Fitbit

  Alphabet is reportedly interested in buying Fitbit Fitbit is apparently quite serious about exploring a sale. Reuterssources said Alphabet has "made an offer" to buy Fitbit for an as yet undetermined amount. The insiders warned there was no guarantee the talks would lead to a deal, but the indication of interest is still huge by itself. We've reached out to Alphabet and Fitbit for comment, although they declined to comment to Reuters. If Alphabet did snap up Fitbit, it could dramatically change the landscape for smartwatches. In spite of challenges, Fitbit is still one of the largest smartwatch makers on the planet -- this would quickly consolidate the market.

The acquisition would also follow the tech giant’s experience with phones after it contracted HTC to help build its Pixel line of phones – and then in early 2018, bought HTC’s Pixel ateam for $1.1 billion to transition everything in-house. Google isn’t afraid to spend serious money to buy the right hardware expertise.

This is the first we’re hearing of a deal, and there’s no indication how far it’s progressed or how likely it will be to go through, but we’ll follow up on the story when more news emerges.

  • Here are the best Fitbits right now

Via Yahoo News

Google parent Alphabet agrees to buy Fitbit in $2.1 billion deal .
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).

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