Google has announced that is it buying fitness tracking company Fitbit for $2.1 billion, or $7.35 per share in cash.
James Park, co-founder and CEO of Fitbit said “More than 12 years ago, we set an audacious company vision – to make everyone in the world healthier. Today, I’m incredibly proud of what we’ve achieved towards reaching that goal. 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.”
“Google is an ideal partner to advance our mission. 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.”
Rick Osterloh, Senior Vice President, Devices & Services at Google said “Fitbit has been a true pioneer in the industry and has created terrific products, experiences and a vibrant community of users.”
“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 has sold more than 100 million devices, helping people to understand and change their behaviour to improve their health.
The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.
Qatalyst Partners LLP acted as financial advisor to Fitbit, and Fenwick & West LLP acted as legal advisor.
