Fri, Nov 01, 2019

Fitbit surges 17% after Google agrees to buy the company for $2.1 billion


Fitbit's stock price soared 17% Friday after Google agreed to buy the wearables company for $2.1 billion, or $7.35 per share in cash.

"Google is an ideal partner to advance our mission," Fitbit CEO James Park said in a statement. Park added: "With Google's resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead." The deal is expected to close in 2020, according to a press release. Fitbit's shares halted trading around 8:37 a.m. pending the release of the news. Trading resumed around 9:12 a.m. Shares of Fitbit already surged 31% earlier this week after Reuters reported that Google-parent Alphabet made an offer to buy the company.

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