(RTTNews) - Wearables company Fitbit Inc. (FIT) agreed to be acquired by Google LLC for $7.35 per share in cash, valuing the company about $2.1 billion.
"More than 12 years ago, we set an audacious company vision - to make everyone in the world healthier. ... We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life," said James Park, co-founder and CEO of Fitbit.
With the help of Google, Fitbit expects to go faster on innovation in the wearables category.
The transaction is expected to close in 2020.
In a blog post, Google Senior Vice President of Devices & Services said that the Fitbit purchase is "an opportunity to invest even more in Wear OS as well as introduce Made by Google wearable devices into the market."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.