Amazon.com Inc.’s AMZN proposed acquisition of iRobot Corp. IRBT, the popular Roomba robot vacuum manufacturer, is reportedly on the verge of receiving unconditional approval from European Union antitrust authorities.
What Happened: The European Commission is likely to grant unrestricted approval to Amazon’s $1.4 billion purchase of iRobot, reported Reuters, citing three people familiar with the matter.
This comes despite initial apprehensions raised in July regarding a potential decrease in competition within the robot vacuum sector and an escalation of Amazon’s dominance in the online marketplace.
Nevertheless, the Commission is predicted to sanction the deal without imposing any conditions, with the official decision due on Feb. 14 next year.
The acquisition, which was publicized in August, has already secured unconditional approval from the U.K. antitrust agency following a preliminary review.
The EU’s antitrust regulators were earlier expected to conclude their verdict on Amazon’s $1.4 billion acquisition of iRobot by Dec. 13 this year. However, it was extended due to the need for additional scrutiny.
Photo via Shutterstock.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next: What’s Going On With Palantir Stock Tuesday?
Engineered by Benzinga Neuro, Edited by Ananya Gairola
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
