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Google to buy Fitbit for $ 2.1 billion

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Google to buy Fitbit for $ 2.1 billion
November 04
09:00 2019

Fitbit representatives have told the public about the upcoming deal. Google is going to pay $ 2.1 billion or $ 7.35 per share for the company Fitbit. It is engaged in the production of smart fitness bracelets.

The deal is scheduled to close next year.

Fitbit was founded 12 years ago; the IPO was conducted four years ago. The main company’s product is fitness bracelets, but the company also produces watches and other devices. Over the entire period of its existence, Fitbit has sold 100 million gadgets. Currently, the company’s portfolio has got about 28 million active customers.

Fitbit CEO James Park has publicly stated that Google is the best possible buyer that will lead the company to the achievement of the goal. Fitbit aims at helping the maximum number of people to lead a healthy lifestyle.

Due to the deal, Google will gain positions in the gadget market for a healthy lifestyle. Google has developed an operating system for Wear smart watches, but the innovative giant does not have its own devices. The deal will help compete with the growing strengths of Huawei and Xiaomi.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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