Google Just Acquired This Man’s Company For $2.1 Billion

Google Just Acquired This Man’s Company For $2.1 Billion

James Park, the Korean American co-founder and CEO of Fitbit, has joined forces with Google in an all-cash deal worth $2.1 billion, the two tech giants announced on Friday.

“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,” Park said in a statement.

Google will not use health and wellness data from Fitbit for ads, but future devices will now run Wear OS, the Mountain View, California company’s software for smartwatches.

Google will pay $7.35 per share in cash to acquire Fitbit. The San Francisco-based company reached an all-time high share price of $51.90 on Aug. 5, 2015, months after it went public with its stocks at $30.40.

The deal is set to close in 2020, pending approval by Fitbit’s stockholders and regulators. Fitbit said that its devices will remain “platform-agnostic” across Android and iOS.

Fitbit has sold over 100 million devices, giving personalized guidance and coaching to millions of users.


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Terry McKinney

Terry McKinney is the writer who is in charge of the Business news section at Instanews247. He is a business grad, who has a knack for trend analysis and change forecasting. His unique skills set him apart from any other business writers in the business, and solidify him as an asset to our team. Business news makes a deep impact on transmitting all the Wall Street action going down at top business houses, by making the details which would otherwise be unavailable, available to readers – and at Instanews247, we have Terry to thank for it!
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