Google said to be looking into buying Fitbit

Fitbit could be on the verge of being acquired by Google's parent company Alphabet.

People familiar with the matter told Reuters that Alphabet has made an offer to acquire Fitbit. Sources caution that negotiations between Alphabet and Fitbit might not lead to any deal. In addition, the offer price remains unknown at the moment.

The Business Times reported last month that Fitbit has been in talks with investment bank Qatalyst Partners about the possibility of exploring a sale. The U.S wearable device maker is facing intense competition in the market with Apple dominating the premium segment and Chinese vendors such as Xiaomi offering cheaper devices.

Source: Yahoo