$ 2,1 billion deal: Google buys second smartwatch supplier in the world after Apple - ForumDaily
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$ 2,1 billion deal: Google buys second smartwatch supplier in the world after Apple

Fitbit is the second smartwatch supplier in the world after Apple. It will soon be owned by Google.

Фото: Depositphotos

Alphabet Holding, owned by Google, has agreed to purchase Fitbit, a company that manufactures fitness trackers and smart watches. The deal will total $ 2,1 billion, the joint announcement said.

The deal will help Google gain a foothold in the wearable device market and develop Wear OS more rapidly, explained Google’s senior vice president, Rick Osterloch.

“Fitbit is a true industry pioneer in creating attractive products, experience and user communities,” he said.

“By working closely with Fitbit's team of experts, combining software and hardware, we will be able to create devices that will benefit even more people around the world. Google also remains committed to Wear OS and our ecosystem partners. We plan to work closely with Fitbit to combine the best of our smartwatch and fitness tracker platforms,” said Rick Osterloh, senior vice president of Google.

Companies plan to close the deal in 2020 year. Alphabet will pay $ 7,35 for each Fitbit share. At the close of the New York Stock Exchange 31 on October 2019, the company's shares were worth $ 6,18 each, and the market capitalization was almost $ 1,6 billion.

Фото: Depositphotos

At the opening of trading on November 1, Fitbit shares rose more than 16% and as of 16: 40 Moscow time (9: 40 New York) was $ 7,20 apiece. Rumors about Fitbit’s plans to sell the business appeared in mid-September on 2019, and on October 28, Reuters sources said Google could become the buyer.

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Fitbit faced a drop in sales amid Apple's growing popularity of smart watches. Although the company managed to increase revenue and reduce losses in the second quarter of 2019, Fitbit lowered its own forecast for annual revenue from $ 1,56 billion to $ 1,46 billion.

According to Strategy Analytics, in 2018, Fitbit became the second-largest producer of smart watches with a share of 12,2%. The leader was Apple, which accounted for 50% of global shipments of smart watches.

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