Mubasher: Google plans to buy Fitbit in a deal that values the wearable device maker at nearly $2.1 billion, the companies said in an announcement on Friday.

Under the deal, Google will pay $735 per share in cash for the acquisition, which is set to be finalised in 2020.

As of Monday’s close, Fitbit’s market cap was at $1.5 billion, $340 million higher than the preceding trading session.

Google will not use data from the fitness and exercise-tracking tech company for ads, the announcement said.

“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,” Fitbit’s CEO James Park said.

Source: Mubasher

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