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Google’s parent company Alphabet made a bid to acquire Fitbit, a source familiar with the matter told CNBC.
Fitbit’s stock was halted Monday after surging 18% and resumed trading, up about 27% as of the afternoon.
The purchase would pit Alphabet against Apple, which is currently a major player in the health and fitness tracking space with its popular smartwatch.
Google parent company Alphabet made an offer to acquire Fitbit, a source familiar with the matter told CNBC Monday. Reuters first reported that Alphabet made the offer to buy Fitbit. Fitbit’s stock was halted after skyrocketing more than 18%.
The stock resumed trading and was up about 27% Monday afternoon, adding more than $280 million to its market cap to bring it around $1.4 billion. Fitbit shares are now up more than 10% for 2019.
It’s unclear how much Alphabet offered to buy Fitbit.
The deal would make Alphabet a player in the wearable fitness tracking space, competing against the likes of Apple, which recently released a new version of its popular smartwatch. Google licenses its Wear operating system to companies like Fossil, but does not currently make its own smartwatch.