Alphabet Inc's GOOGGOOGL Google will acquire Fitbit Inc FIT for $2.1 billion, or $7.35 per share in cash. Friday's press release confirmed a report from earlier this week.
Fitbit supplies fitness trackers and smartwatches.
"Fitbit has been a true pioneer in the industry and has created terrific products, experiences and a vibrant community of users," said Rick Osterloh, senior vice president, devices and services at Google. "We're looking forward to working with the incredible talent at Fitbit, and bringing together the best hardware, software and AI, to build wearables to help even more people around the world."
Fitbit's stock closed Thursday at $6.18 per sahre adn traded higher by 17% Friday morning.
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Photo courtesy of Fitbit.
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