Google parent Alphabet buying Fitbit for about $2.1B

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SAN RAFAEL, CALIFORNIA – NOVEMBER 01: Fitbit smartwatches are displayed at a Best Buy store on November 01, 2019 in San Rafael, California. Google parent company Alphabet announced plans to purchase smartwatch maker Fitbit for $2.1 billion. (Photo by Justin Sullivan/Getty Images)

SAN FRANCISCO (AP) — Fitbit is being acquired by Google’s parent company for about $2.1 billion.

With the deal announced Friday, Alphabet wades into a very crowded field. Fitbit is a pioneer in wearable fitness technology, but it’s been under pressure from other device makers.

Speculation swirled at the beginning of the week that a deal might be imminent. Premarket trading of shares of San Francisco-based Fitbit Inc. were briefly halted before the acquisition was announced.

Alphabet said it will pay $7.35 per share for the company.

The deal is expected to close next year if approved by regulators and Fitbit shareholders.

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