The shareholders of San Francisco-based Fitbit Inc. have overwhelmingly approved the company's agreement to be acquired by Google for $2.1 billion, according to a Jan. 6 filing Fitbit submitted to the U.S. Securities and Exchange Commission.
Fitbit shareholders voted on the acquisition in a virtual Jan. 3 meeting, according to the filing. Holders of Fitbit's Class A common stock received one vote per share, while holders of the company's Class B common stock received 10 votes per share. In total, 415.2 million shareholders voted for the acquisition, 1 million voted against the acquisition and 1.1 million abstained.
The shareholders also voted to approve non-binding, acquisition-related advisory payouts to select Fitbit executives.
Fitbit and Google announced news of the acquisition on Nov. 1, 2019. Previously, the companies had been engaged in a healthcare-focused partnership since mid-2018.
Fitbit's stock price (NYSE: FIT) nearly doubled in the weeks and days leading up to the acquisition news, hitting a high mark of $7.14 per share on Nov. 1, 2019. It closed at $6.51 per share on Jan. 13, 2020.
"Working with Google gives us an opportunity to transform how we scale our business, allowing us to reach more people around the world faster, while also enhancing the experience we offer to our users and the healthcare system,” Fitbit CEO James Park said in November. “This collaboration will accelerate the pace of innovation to define the next generation of healthcare and wearables.”
Fitbit reported 2018 year-end revenue of $1.51 billion, representing a year-to-year decrease of 6.7 percent and the brand's third consecutive year of revenue decline. However, its user base grew by 9 percent during the year to 27.6 million.
In mid-2019, Fitbit adjusted its full-year 2019 guidance to a range of $1.43 billion to $1.48 billion.