Alphabet Inc’s Google agreed to buy smartwatch maker Fitbit Inc for US$2.1bil (RM8.74bil) in cash, a move that could shore up the Internet giant’s hardware business while also potentially increasing antitrust scrutiny.
Google will pay US$7.35 (RM30.62) a share for San Francisco-based Fitbit, according to a statement on Nov 1. That represents a 71% premium to Fitbit’s stock price before Reuters reported Google had made a bid on the company on Oct 28. The acquisition is Google’s second major purchase this year, after it agreed to pay US$2.6bil (RM10.83bil) for cloud software provider Looker in June.