Fossil to Sell Select Smartwatch Technology to Google for $40 Million
January 17 2019 - 1:10PM
Dow Jones News
By Colin Kellaher
Fossil Group Inc. (FOSL) on Thursday said it agreed to sell
intellectual property related to a smartwatch technology it is
developing to Alphabet Inc.'s (GOOG) Google unit for $40
million.
The Richardson, Texas, accessories maker said part of its
research and development will join Google, adding that it is
retaining more than 200 R&D employees.
Fossil said smartwatches have been its fastest growing category
in recent years, noting that it has launched smartwatches across 14
of its owned and licensed brands.
The company said it expects to complete the sale this month.
Shares of Fossil were up 8.9% to $18.96 in recent trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 17, 2019 12:55 ET (17:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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