Fitbit is buying Pebble for an undisclosed but small amount, The Information reported, citing three sources.
Engadget, citing its own source, said the deal will be worth between $34-$40 million. Pebble’s debt to suppliers amounts to at least $24 million.
The source said Pebble had received better offers before the Pebble Time Round’s poor performance in the market, but refused them. Citizen offered $740 million in 2015, reported Engadget.
News of the acquisition comes after Pebble announced in March that it was retrenching 25% of its workforce.