NEW YORK (AP) — Amazon on Friday announced it has entered into an agreement to acquire the vacuum cleaner maker iRobot for approximately $1.7 billion.
It’s a move that will allow Amazon to scoop up another company to add to its collection of smart home appliances amid broader concerns about its market power. iRobot sells its products worldwide and is most famous for the circular-shaped Roomba vacuum. Amazon says it will acquire the company for $61 per share in an all-cash transaction that will include iRobot’s net debt. The deal is subject to approval by shareholders and regulators.
Upon completion, iRobot’s CEO, Colin Angle, will remain in his position.
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Written by: Editor