Fitbit to buy smartwatch maker Pebble for around $40 million

Fitness wearable manufacturer Fitbit is set to acquire smartwatch maker Pebble, according a report released by The Information. It's not yet clear when the deal will be completed and announced to the public. According to the report, Pebble has been searching for a buyer for a long time. The company laid off 25 percent of its staff earlier this year, and CEO Eric Migicovsky said money was "pretty tight these days," despite raising $26 million in funding rounds. Fitbit is now paying between $34 and $40 million for the company and is “barely covering their debts," according to TechCrunch.