Less than one month after the watchmaker unveiled its first Android Wear-powered smartwatches, Fossil has announced its plans to acquire fitness tracker company Misfit. This will allow the watchmaker to offer consumers both traditional timepieces as well as a wide variety of connected wearables and accessories. Fossil says one of the main reasons for purchasing the company is so that they can own a technology platform that’s already solved some of the hardest problems in the wearable market, such as battery life.

Misfit founder Sonny Vu will serve as the president and chief technology officer of connected devices

As for the transaction details, Fossil Group expects the deal to close before the end of fiscal 2015. The purchase price is $260 million. Sonny Vu, Misfit’s founder, will serve as the president and chief technology officer of connected devices for Fossil, and has also secured his spot on the company’s executive leadership team.

“We are thrilled to join forces with Fossil Group to usher in the next era of wearables where elegance, beauty and long-lasting wearability are paramount,” says Vu. “Together, we will introduce products that blend Misfit’s seamless, intuitive technology and user experience with the design, style and branding that is the hallmark of Fossil Group.”

Fossil’s newly-announced Founder smartwatch comes with a higher-end design that we’re not entirely used to seeing in an Android Wear device. Priced at $275 and coming to retail shelves sometime this holiday season, the Founder will be available in two variants, one with a leather band and one with a steel band. We’re still awaiting full details on the watch’s specs and availability.

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