We advised Google in acquisition of Fitbit, the world’s leading wearables brand headquartered in San Francisco, California, with one of the R&D offices located in Minsk, Belarus. Acquisition at USD 7,35 per share represents Fitbit’s total equity value USD 2,1 billion. The transaction is expected to close in 2020, subject to receipt of regulatory approvals and other customary closing conditions. Official announcements may be found here and here.
Fitbit: a pioneer in the wearables sector
Fitbit delivers innovative, affordable and engaging devices and services that help people lead healthier, more active lives by empowering them with data, inspiration and guidance to reach their goals. Due to an immersive experience from the wrist to the app, designed to help users understand and change their behaviour to improve their health, Fitbit has sold more than 100 million devices and supports an engaged global community of millions of active users, utilizing data to deliver unique personalized guidance and coaching to its users. With this acquisition Google expands its hardware portfolio and continues building innovative wearable products.
Our services and project team
The Sorainen team, which included partner Maksim Salahub, senior associate Viktoryia Mikhnevich, associate Tatsiana Zubarava, and legal assistant Anton Zakharau, assisted with the local aspects of the transaction. The primary advisor to Google was the New York office of Cleary Gottlieb Steen & Hamilton.