Google will buy the Track for $2.1 billion

FILE PHOTO: The logo for the wearable device maker Fitbit, Inc. it is displayed on a screen on the floor of the New York Stock Exchange (NYSE) as the company starts public trading in the New York, New York, united states of america, October 28, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – the Alphabet Inc, and owned by Google, will be purchasing from is a wearable device maker Fitbit, Inc. for $2.1 billion, as the search giant looks to be in the fast-growing market for a fitness tracker and a smartwatch.

Fitbit said on Friday it had offered $7.35 per share in cash, a premium of approximately 19% of the stock, the closing price on Thursday.

Fitbit shares have gained more than 40% as Reuters exclusively reported on Monday that Google had made an offer for the maker of the most popular and colorful fitness-tracking devices.

Even though Google has joined other major technology companies such as Apple and Samsung Electronics Co. Ltd. in the development of smart phones, it has yet to develop such an offer.

Qatalyst ners LLP, which has acted as the financial advisor of the Track, while Fenwick & West LLP is its legal adviser.

Reporting by Noor Zainab Hussain and Akanksha Rana, Bengaluru; Editing by Anil D’silva

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