UK Approves Amazon’s $1.7 Billion Deal To Buy iRobot – News18

(Reuters) -Britain’s competitors regulator on Friday cleared Amazon.com Inc’s deliberate $1.7 billion acquisition of iRobot Corp, maker of the Roomba vacuum cleaner.

The Competition and Markets Authority (CMA) mentioned it had concluded that the deal wouldn’t result in competitors issues within the UK.

“We’re pleased with the UK Competition and Markets Authority’s decision and are committed to supporting regulatory bodies in their work,” a spokesperson for Amazon mentioned.

“We look forward to similar decisions from other regulators soon.”

In April, the CMA had launched a “Phase 1” probe into the deal which was introduced in August final 12 months as Amazon sought to broaden its secure of smart-home units, which embody the Alexa voice assistant, sensible thermostats, safety units, wall mounted sensible shows and a canine-like robotic referred to as Astro.

Regulators on either side of the Atlantic are cautious of Big Tech buying smaller rivals, particularly these with entry to massive volumes of person knowledge, and have a tendency to demand cures in return for approving such offers.

“It marks a significant milestone, and both companies are continuing to work cooperatively with other relevant regulators in their review of the merger,” iRobot Chief Executive Colin Angle mentioned in an announcement.

The news despatched shares in U.S-listed iRobot up 12% in pre-market commerce, whereas Amazon’s inventory was marginally down.

EU antitrust regulators will resolve by July 6 whether or not to clear the deal, whereas the U.S. Federal Trade Commission can also be inspecting the acquisition.

(This story has not been edited by News18 workers and is revealed from a syndicated news company feed – Reuters)