Google plans to buy smartwatch technology from American fashion designer Fossil for $40 million, CNBC reports.
Fossil currently runs Google's Wear OS software on its smartwatches, which the designer claims is its fastest-growing category, according to CNBC.
"The addition of Fossil Group's technology and team to Google demonstrates our commitment to the wearables industry by enabling a diverse portfolio of smartwatches and supporting the ever-evolving needs of the vitality-seeking, on-the-go consumer," said Google Wear OS Vice President of Product Management Stacey Burr.
The deal, which Google announced Jan. 17, is expected to close in January.