Fitbit soars over 16% on Google deal

Friday, 01. November 2019 14:54

Shares of Fitbit Inc. surged over 16% on Friday on the news the fitness-tracking company will be acquired by Google.

Google announced it will buy Fitbit for $7.35 per share in cash, valuing the firm at about $2.1 billion. The companies expect to complete the transaction next year.

Fitbit's stock soared 16.42% to $7.19 at 9:38 am ET, while Google's parent Alphabet gained 0.53% at 9:53 am ET.

Related Links: Alphabet Inc.FITBIT Inc.
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Breaking the News / NP