October 30, 2023 12:26 PM | 1 min read
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European Union’s (EU) antitrust regulators will reportedly give their verdict regarding Amazon.com Inc.’s (NASDAQ:AMZN) $1.4 billion acquisition of iRobot Corp. (NASDAQ:IRBT) by February 14 next year.
The investigation, which had been temporarily on pause due to the need for additional details, was initially set to conclude by December 13, reported Reuters.
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The transaction drew regulatory attention, with the pause implemented to allow for a more comprehensive assessment of the information provided by the online retail giant.
There’s a shadow of concern from the EU’s competition authorities over the potential implications of this acquisition.
Warnings have been issued to Amazon suggesting that the assimilation of iRobot could diminish competition in the niche yet burgeoning market of robotic vacuum cleaning devices.
Amazon adjusted its offer for iRobot by approximately 15%, lowering the purchase price to about $1.42 billion.
This revision came as a consequence of iRobot accruing more debt.
Price Action: AMZN shares are trading higher by 3.01% at $131.59 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s uncertain market? Go here now because you’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey with just the click of a button. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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