Fitbit in talks to buy smartwatch maker Pebble for around $40 million

Pebble, one of the most popular Kickstarter projects and a struggling smartwatch maker could be acquired by Fitbit.

A report by The Information claims that negotiations are going on, and it could soon make the deal announcements. The report adds that the amount involved is small, but the exact number is not yet known. Those who’ve appreciated and loved Pebble products, should know that reportedly Fitbit will acquire the assets and close down the products over the time.

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 However, Techcrunch reports, citing a person familiar with the matter, that watch maker Citizen was was looking to acquire Pebble for $740 million last year, but the deal failed. Soon, just before the Pebble 2, Intel reportedly made an offer for $70 million. However, the second offer was also turned down. The news site adds that Fitbit is likely to pay an amount somewhere between $34 and $40 million, which is just about covering their debts.

Though we’ve seen Pebble smartwatches over the years, with the Pebble Time Steel this year, it hasn’t been an easy road for the startup over the past one year. The company is also known top have turned to debt funding and loans, and also had to let go a significant number of staff. We’ve tried reaching out to Fitbit, but there has been no response.

Source: TechFirst

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