This is an interesting development. It makes sense due to the geographic proximity of these two players. The Abbott Diabetes Care Division is located in Alameda (near Oakland in the SF Bay Area) while Bigfoot's headquarters are in Milpitas, the South Bay. Bigfoot took over the offices of Snap, a failed insulin pump manufacturer.
CMS, the organization that manages Medicare and Medicaid (US) has delayed the introduction of payment for Medicare recipients in part due to its requirement that the Dexcom G5 needs to be bundled as a kit with everything needed to use this CGM, including the BG meter and test strips for the required calibration.
This may have motivated Bigfoot, in part, to choose to partner with the "no calibration" BG sensing system created by Abbott. For Medicare coverage, I would think that Abbott's Freestyle Libre system would need the FDA's blessing as a system that may be used for treatment decisions without a confirmatory fingerstick.
I didn't read any indications as to the timeline for introduction for this tech but it's likely a few years off. The Abbott sensor that Bigfoot wants to use will be one that Abbott has not yet introduced. I have no idea where this new sensor is in the formal study/trial process.
I'm happy to see a third player in the blood glucose sensor market. Many people with diabetes loved the Abbott glucose sensor product that the company withdrew from the US market many years ago.