Google is buying Fitbit for $2.1 billion, hopping into the fitness and wearables scrum with competitors like Apple.
The Mountain View, California-based company is purchasing the wearable company for $7.35 per share in cash. The transaction is expected to close sometime next year.
“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,” Fitbit CEO and co-founder James Park said in a statement.
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Fitbit has sold more than 100 million devices and is available on both iOS and Android platforms.
This is a developing story.
The Associated Press contributed reporting.
