Google to acquire Fitbit, valuing the smartwatch maker at about $2.1 billion

Google’s parent company Alphabet will buy Fitbit, with the deal expected to close in 2020.

in the fitness tracking space. The deal values Fitbit around $2.1 billion at a fully diluted equity value, according to the release.

Fitbit's stock surged 16% in the premarket after shares resumed trading after they were halted earlier in the morning. Shares of Alphabet were up about 0.3% Google will pay $7.35 per share in cash for the acquisition. Fitbit's all time high share price was $51.90 on Aug. 5, 2015, a couple months after its stock market debut at $30.40. The deal is expected to close in 2020, according to the announcement.

On Monday, Fitbit's stock surged more than 30% on news that Alphabet had made an offer to acquire the smartwatch maker. As of Monday's close, Fitbit's market cap sat at $1.5 billion, up $340 million from the previous trading day.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Google is buying Fitbit for $2.1 billionGoogle announced on Friday morning that it's buying wearables maker Fitbit in a deal worth $2.1 billion.
Read more »

'Hey Google, Play SiriusXM': Google Assistant Adds Radio Giant to Smart SpeakersSiriusXM is coming to Google Assistant-enabled devices like Google Nest smart speakers and displays over the next week, the companies announced today (Oct. 30).
Read more »

Alphabet reportedly placed an offer to purchase Fitbit to push into the wearables market - Business InsiderAlphabet has reportedly placed an offer to purchase Fitbit – the acquisition would be a smart way for Google to enter the healthcare wearables market.
Read more »

Fitbit to Be Acquired by AlphabetFitbit is being acquired by Google’s parent Alphabet in a transaction that values the fitness device maker at $2.1 billion.
Read more »

The Spooky Music in Today's Google Doodle Will Get You in The Halloween MoodThursday's (Oct. 31) Google Doodle uses a Danny Elfman-sounding, spooky track to unveil some hidden tricks and treats.
Read more »