Google to acquire Fitbit in multibillion dollar deal

Google's parent company Alphabet has announced plans to acquire Fitbit for approximately $2.1 billion.

The takeover could put Google in direct competition with Apple, with the Series 4 Apple watch declared as a class 2 medical device by the Food and Drug Administration last year.

Rick Osterloh, senior vice president, devices and services at Google, commented: "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."

James Park, co-founder and CEO of Fitbit, added: “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.”

The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals.