A report from The Information states that the fitness tech giant Fitbit is finalizing a deal to buy Pebble. The report suggests the price would be for "a small amount," and an independent source confirmed to Engadget that Fitbit will buy Pebble for $34 to $40 million.

The news isn't entirely a surprise. Pebble, which first came on the scene through its popular Kickstarter campaigns for its smartwatches, recently announced it would lay off 25 percent of its workforce. At the time, Pebble CEO Eric Migicovsky didn't give an exact reason for the layoffs, only stating that money was "pretty tight."

Pebble has been looking to sell for a while, likely due to these financial woes, but it has turned down offers in the past. Citizen offered Pebble $740 million for the company back in 2015. Intel also wanted to buy Pebble for $70 million earlier this year, but it would have required a delay in the launch of the Pebble 2 and the Pebble Time 2.

The Information reports that the Pebble brand will likely be phased out after the acquisition since Fitbit is interested in Pebble's intellectual property and its operating system. This makes sense considering Fitbit has always been a fitness-focused company, whereas Pebble started in smartwatches and has only recently tried to make its products more fitness-friendly. Fitbit's Blaze is its most smartwatch-like device, but it's still more of a fitness tracker than any of Pebble's watches. Fitbit may be looking into how it can incorporate Pebble's OS into its products going forward.

Ars has reached out to both Fitbit and Pebble for comment.