Flash ReportGoogle to Acquire Wearable Device Maker Fitbit for $2.1 Billion in Cash Coresight Research November 4, 2019 Reasons to ReadOn November 1, 2019, Fitbit announced an agreement to be acquired by Google for $7.35 per share in cash, representing a deal value of approximately $2.1 billion. The price represents a 19% premium to Fitbit’s closing share price on October 31 and a multiple of 1.4 times FY2018 revenues. The acquisition will allow Google to combine the newly acquired hardware maker with Google’s Android operating system (OS) for smartphones and smartwatches, improving the company’s ability to optimize hardware and software to better compete with market leader Apple. Google acquired Fossil’s smartwatch technology in January 2019. The transaction is expected to close in 2020, subject to customary approvals. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for Other research you may be interested in: Analyst Corner—Trimming Waistlines and Spending: Exploring New Data on GLP-1’s Impact on Consumer Purchases, with John MercerInnovator Profile: Kalder—Monetizing Customer Loyalty with White-Label Cashback and RewardsAnalyst Corner: Agentic AI Will Change Shopping and Selling, with John HarmonThe Sentiment Split: Optimism at the Top, Strain at the Bottom; Plus, Social Commerce Shopping in Focus—US Consumer Survey Insights
