Amazon's $1.7 Billion iRobot Acquisition Approved by UK Regulators in 2023
In 2023, UK regulators gave the green light to Amazon's $1.7 billion purchase of iRobot, the maker of Roomba vacuums, signaling no competition concerns and paving the way for future approvals.
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Key Highlights
- UK's Competition and Markets Authority (CMA) approved Amazon's $1.7 billion acquisition of iRobot in 2023.
- The CMA found no risks to market competition from the deal.
- The US Federal Trade Commission (FTC) is still reviewing the acquisition.
Shares of iRobot (IRBT) surged significantly after UK antitrust authorities endorsed Amazon's (AMZN) $1.7 billion takeover of the Roomba vacuum manufacturer.
Following an extensive review, the UK's CMA confirmed the acquisition would not cause competition issues within the UK market.
The CMA noted the presence of strong competitors in the smart vacuum sector and determined Amazon would not exploit its online retail dominance to restrict sales of rival smart home devices.
Amazon expressed satisfaction with the decision and anticipates similar approvals from regulators worldwide. The deal, initially agreed upon in August 2022, still awaits final approval from the US FTC.
After the announcement, iRobot's stock jumped 20% in early trading on Friday, pushing its performance into positive territory for the year, while Amazon's shares dipped slightly by 0.7%.
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