Amazon’s $1.7 Billion iRobot Deal gets green light

Amazon.com Inc.’s proposed $1.7 billion deal to buy robot vacuum firm iRobot Corp. was given the all-clear by the UK’s antitrust agency, sending shares in the Bedford, Massachusetts firm soaring.

The deal will not lead to antitrust concerns in UK market

IRobot soars by 20% at market open; Amazon down by 1%

Tweet on Amazon & iRobot deal

@amazon $1.7 Billion iRobot Deal gets the green light!
-CMA said the deal will not lead to antitrust concerns in UK market
-IRobot soars by 20% at market open; Amazon is down by 1%#amazon #ai #irobot #shares pic.twitter.com/27F3NmDwJH

— The_Journalbiz (@the_journalbiz) June 19, 2023

Amazon seals the iRobot deal

The Competition and Markets Authority said the deal would not lead to competition concerns in the UK market after an initial review, according to a statement Friday.

Shares of Amazon fell slightly at the open as the deal still faces an in-depth review by the Federal Trade Commission in the US and a review by the European Commission in Brussels.

The EU will decide on whether to start a phase 2 probe by July 6.

The iRobot deal, announced in August, has raised competition and privacy worries from tech advocacy groups as the e-commerce giant seeks more internet-connected devices in people’s homes.

IRobot shares rose as much as 20% to at market open, while Amazon fell 1%.

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Source:Bloomberg

Image: Amazon