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Google buying Fossil's smartwatch tech for $40M

Google LLC will buy smartwatch technology from Fossil Group Inc. for $40 million.

As part of the transaction, a portion of Fossil Group's research and development team currently supporting the transferring of the intellectual property to Google will join the Alphabet Inc. unit, according to a Jan. 17 news release.

Fossil Group retains more than 200 R&D team members to focus on innovation and product development.

The transaction is expected to close this month.

Fossil Group is a global design, marketing, distribution and innovation company specializing in lifestyle accessories.