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Fitbit and Google announce $ 2.1 billion acquisition



The deal, worth about $ 2.1 billion, is one of Google's ( GOOGL ) largest acquisition. The portable market is growing rapidly. Although Google makes some hardware, including Pixel phones and Nest devices, it has not made much progress on smart watches and other portable devices.

"With Google's resources and global platform, Fitbit will be able to accelerate innovation in the notebook category, scale faster, and make health even more accessible to everyone," said Fitbit co-founder and CEO James Park.

In a press release, Fitbit emphasized its commitment to data privacy, saying it will remain transparent about the data it collects and why.

The portable fitness tracker company also said it never sells personal information and that its health and wellness data will not be used for Google ads.

The acquisition is expected to be completed by 2020.

Earlier this year, Fitbit ( FIT ) lowered the price of some of its units and launched a new subscription offer called Fitbit Premium, which provides more in-depth insight into sleep, fitness and overall health. In July, Fitbit reduced its outlook for the year after disappointing sales of the Versa Lite smart watch.

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