In a surprise move, the Fossil Group announced on Thursday plans to acquire wearable brand Misfit.
The Fossil Group told Mashable the deal landed at $260 million, including transaction costs, and will be funded through a combination of cash and bank debt.
The news comes more than a year after the Fossil Group revealed it had plans to enter the connected accessory and smartwatch space for all of its brands — a market Misfit already has a strong hold on.
The watchmaker has agreed to acquire the maker of wearable fitness trackers.
In a bid to address the growing smartwatch market, established consumer wristwatch maker Fossil on Thursday announced an agreement to acquire wearables firm Misfit for $260 million.
Sonny Vu, chief executive and founder of Misfit Misfit Watchmaker Fossil Group Inc. has agreed to acquire startup Misfit Inc., a maker of wearable fitness trackers, for $260 million. Richardson, Texas-based Fossil Group has its Foss...
Fossil is making a bigger play in the connected wearable space. The watchmaker, which recently announced its Android Wear-based smartwatch, the Founder, will acquire the fitness wearable tracker company Misfit for $260 million, with...