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European Union To Approve Amazon’s Purchase Of iRobot

Antitrust regulators in Europe will approve Amazon’s (AMZN) $1.4 billion U.S. acquisition of robot vacuum maker iRobot (IRBT), according to a report by the Reuters News Agency.

News of the deal’s approval in Europe comes months after the European Commission, which serves as the continent’s competition watchdog, warned Amazon that the deal could lower competition and reinforce the U.S. tech giant’s dominant position in e-commerce.

The European Commission has until Feb. 14, 2024 to rule on whether it approves Amazon’s purchase of iRobot.

The acquisition would add iRobot’s Roomba robot vacuum cleaner to Amazon’s portfolio of smart devices that already includes the Alexa voice assistant, smart thermostats, and various security devices.

Other regulators around the world have raised concerns about Amazon’s accumulation of consumer data through the iRobot purchase.

However, in England, antitrust regulators cleared the deal unconditionally after a review.

Amazon’s stock has risen 70% this year and currently trades at $146.71 U.S. per share. iRobot’s stock has declined 38% on the year to $29.82 U.S. a share amid concerns about the acquisition’s approval.

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