'Fitbit stock soared after Google announced it is buying the wearable device maker for $2.1 billion in a bid to rival Apple in the fast-growing smart watch market.
On Friday, Fitbit announced it had been offered $7.35 per share in cash, which equates to a premium of about 19 percent on the stock's closing price on Thursday.
Following the sale, Fitbit's stock soared 17 percent after already gaining more than 40 percent since Reuters reported that Google had made an offer to the company on Monday.
Fitbit has made a name developing wearable smart watches used to track a wearer's biometrics such as heart-rate and sleep quality and comes with tools including a clock and calendar. The device can also pair with one's phone to take messages.
The deal is slated to finalize next year and is notably over Fitbit's market cap of $1.6 billion, signaling that Google is willing to pay a premium to expand in the wearable hardware arena.
Before it's finalized the deal will also be vetted by regulators in Europe and the US amid ongoing antitrust investigations into Google by governments in both locati'
Read more: Google buys Fitbit for $2.1BILLION in a bid to rival Apple on wearables - as tech company's shares surge 17%
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