Fossil Group to acquire wearable company Misfit for $260 million

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 deal will include both Misfit's hardware and fitness tracking software.