Reuters reveals Alphabet in bid to buy Fitbit; market reacts

Reuters exclusively reported that Google owner Alphabet Inc has made an offer to acquire U.S. wearable device maker Fitbit Inc, as it eyes a slice of the crowded market for fitness trackers and smartwatches. Fitbit shares rose as much as 33% on the news, giving the company a market capitalization of $1.5 billion. Alphabet shares rose 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 Huawei Technologies Co Ltd and Xiaomi Corp.