By ET Bureau - October 29, 2019 1 Mins Read
Google owner Alphabet Inc has offered to acquire U.S. wearable device maker Fitbit Inc, as it leads the crowded market for fitness smartwatches and trackers.
While Google has joined with other major technology companies such as Samsung Electronics Co Ltd and Apple Inc in developing smartphones, it has yet to produce any wearable offerings.
There is uncertainty that the negotiations between Fitbit and Google will lead to any deal, asking not to be identified because the matter is highly confidential. Fitbit shares grew by 27% on the news, giving the company a market capitalization of a total of $1.4 billion. Alphabet shares rose by 2% to $1,293.49.
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 Xiaomi Corp and Huawei Technologies Co Ltd.
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