Posted on Tuesday, October 29 2019 @ 10:33 CET by Thomas De Maesschalck
Word is going around that Google is planning to buy wearable fitness tracker Fitbit. Reuters
reports Google's parent company, Alphabet, is in talks with Fitbit about a possible acquisition. So far, Google has no presence in the wearable electronics market. A couple of years ago, the tech company experimented with the Google Glass head-mounted display but that product never made it to the consumer market.
A deal for Fitbit would come as its dominant share of the fitness tracking sector continues to be chipped away by cheaper offerings from companies such as China’s Huawei Technologies Co Ltd and Xiaomi Corp.
Fitbit shares closed 30.86 percent higher yesterday at $5.64, the highest level since Spring 2019. The company's market cap is currently $1.46 billion.
