Google LLC is a multinational technology company that specializes in Internet-related services and products. These include online advertising technologies, search engine, cloud computing, software, and hardware. It is considered one of the Big Four technology companies. Others are Amazon, Apple, and Facebook.
Fitbit, Inc. is an USA company headquartered in San Francisco, California. The products are activity trackers, wireless-enabled wearable technology devices that measure data such as the number of steps walked, heart rate, quality of sleep, steps climbed, and other personal metrics involved in fitness. The use of this wearable technology helps people lose fat and gain muscle.
The deal is pending regulatory approval.
Alphabet Inc. is a multinational conglomerate. It was created through a corporate restructuring of Google. It became the parent company of Google.
Fitbit is being acquired by Google's parent company for about $2.1 billion US. This deal allows the internet company to step back into the competitive market for smartwatches and health and fitness trackers.
Google did not have much presence in the wearables market. This deal could give more opportunity to compete with the Apple Watch.
Fitbit has 28 million active users worldwide and has sold more than 100 million devices.
The stock below looks like it is really has great growth throughout the years. Will it continue growing like this? Probably.