Fitbit to acquire Pebble – deal is in its closing stages

This one truly comes out of the blue. According to the Financial Times and The Information, Fitbit is in the process of buying Pebble and the deal is in its closing stages.

Both of the companies are currently underdogs in the smartwatch market, but Fitbit holds a large portion of the wearables market in general. According to The Information, Fitbit is paying a low price for Pebble's acquisition, but no numbers are quoted.

Both companies are having a hard time on the smartwatch market right now, due to major companies releasing high-end products, such as the Samsung Gear S3, Apple Watch Series 2 and various Android Wear devices by other manufacturers. This move could mean that Fitbit is looking to harness the resources of both companies, so it can try and compete with the big-leagues.

The acquisition has yet to be officially confirmed by any of the two companies, but we'll keep an eye out.