Google recently announced a deal to buy wearable fitness device maker, Fitbit for US$2.1 billion. This purchase will give Google, whose parent company is Alphabet, an instant leading position in the wearables market. Google will be ready to compete against Apple and Samsung instead of needing to build up market share from the very beginning.
The transaction should be completed next year. It is presently at its closing stages, which involves the approval of Fitbit’s stockholders and other regulatory requirements.