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Rumors broke on Monday that Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) subsidiary Google had formally made an offer to acquire Fitbit (NYSE: FIT), following reports from last month that the wearable tech company was looking to sell itself amid its ongoing efforts to compete with Apple in the smartwatch and wearables market. It was unclear at the time exactly how much the search giant had offered, but investors now know, as the companies have officially announced the deal.
Google is scooping up Fitbit for $2.1 billion. Here's what investors need to know.