Is Fitbit Buying Pebble?

It looks consolidation is coming to the wearables space with Fitbit set to acquire smartwatch maker and multi-million-dollar Kickstarter-darling Pebble, according to a report from The Information.

The site reports that the acquisition is a “small amount” but there’s no word on exactly how much, or indeed how little. Further, The Information said that the deal will see Pebble and its products closed down over time, with Fitbit acquiring its assets, which include intellectual property and software.

“We don’t comment on rumors or speculation,” a spokesperson from Fitbit told TechCrunch. Pebble is yet to respond to our request for comment.

A source close to the company told TechCrunch that watch maker Citizen was interested in purchasing Pebble for $740 million in 2015. This deal failed and before the launch of the Pebble 2 Intel made an offer for $70 million. The CEO, Eric Migicovsky refused both offers. Our source said that Fitbit is now paying between $34 and $40 million for the company and is “barely covering their debts.”