Google’s parent company Alphabet will buy Fitbit, with the deal expected to close in 2020.
in the fitness tracking space. The deal values Fitbit around $2.1 billion at a fully diluted equity value, according to the release.
Fitbit's stock surged 16% in the premarket after shares resumed trading after they were halted earlier in the morning. Shares of Alphabet were up about 0.3% Google will pay $7.35 per share in cash for the acquisition. Fitbit's all time high share price was $51.90 on Aug. 5, 2015, a couple months after its stock market debut at $30.40. The deal is expected to close in 2020, according to the announcement.
On Monday, Fitbit's stock surged more than 30% on news that Alphabet had made an offer to acquire the smartwatch maker. As of Monday's close, Fitbit's market cap sat at $1.5 billion, up $340 million from the previous trading day.
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