Google owner Alphabet in bid to buy Fitbit

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Google's parent company Alphabet Inc. has reportedly made a formal offer to buy Fitbit, sources told Reuters.

An exact price on Google's offer has not been reported.

But with Google potentially buying Fitbit, that could mean some big changes for Wear OS. So much so, they are advanced enough that Google has already made an offer for the acquisition. Its share of the wearable market has been chipped away by the likes of Apple, Samsung, Garmin and a range of low cost offerings from Chinese companies.

Both Fitbit and Alphabet Inc. declined ABC News' request for comment, with both companies saying it doesn't comment on rumors or speculation.

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Google's approach to fitness has always been. lackluster.

The sources noted that there is no certainty that the negotiations between Alphabet and FitBit will lead to any deal. That said, CNBC is reporting Fitbit stock has jumped up 27 percent since news broke, bringing shares up 10 percent for 2019 and boosting its market cap by more than $280 million to $1.4 billion total. Reuters reported last month that Fitbit might be exploring a potential sale, but so far we haven't heard anything official. One of the prospective buyers is Google, who has similarly failed to capture the market with its Wear OS partnerships.

Fitbit's sales have been slowing down despite new models like Versa and Versa Lite.

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