Google will buy Fitbit for $ 2.1 billion

Google's proprietary company Alphabet Inc. is set to buy Fitbit Inc., a company that makes hand wears, for $ 2.1 billion. With this, this company, which is famous worldwide for its search engine, is going to step into the fitness tracker market. Let us know that this market of fitness trackers and smartwatches is continuously increasing.

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On Friday, Google and Fitbit officially announced the deal. Explain that Google is planning to move out of its core business to expand into other areas and this is a major step for the company in this category. Fitbit co-founder and chief executive James Park said in a statement following the announcement of the deal, "We have created a trusted brand that has the support of over 28 million active users worldwide. The consumer is a healthier, more active To live life rely on our products. " He also said that "Google is the ideal partner to take our mission forward."

Catalyst Partners LLP has mediated as a financial advisor for this deal between Google and Fitbit. Also, Fenwick & West LLP has played its role as legal advisor in this deal. While talking about devices and services, Rick Osterloh, Google's senior vice president, said that "the deal is one for the pioneer of wearable technology and the deal is the best way to deliver fitness devices to more people around the world and make the device worthy." Bringing hardware, software and AI together is critical. "

Following the deal between Google and Fitbit, many leading companies in the field of wearable devices may face competition. This includes popular companies like Xiaomi, Apple and Samsung. In a survey that was revealed recently, it was informed that in the smart wearable market, Xiaomi is in the first place and Apple is in the second place. At the same time, Fitbit occupies the fourth place in this list. Now after Google bought Fitbit, the focus of the company is to build stronger trust among users than before.

News agency Reuters gave information about this deal in a report on Monday. Only after this report, Fitbit shares have gone up by 40 percent. It was said in this report that Google had offered Fitbit the offer of this deal.

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