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Amazon is buying iRobot for $1.7 billion

2022-08-05 19:55 by
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Amazon is buying iRobot for $1.7 billion, the companies announced Friday morning. The acquisition is Amazon's fourth-largest ever and reflects the tech giant's ambitions to entrench itself inside homes with smart devices.

iRobot sells its products worldwide and is most famous for the circular-shaped Roomba vacuum, which would join voice assistant Alexa, the Astro robot and Ring security cameras and others in the list of smart home features offered by the Seattle-based e-commerce and tech giant.

"Since we started iRobot, our team has been on a mission to create innovative, practical products that make customers' lives easier, leading to inventions like the Roomba and iRobot OS," said Colin Angle, chairman and CEO of iRobot in the press release. "Amazon shares our passion for building thoughtful innovations that empower people to do more at home, and I cannot think of a better place for our team to continue our mission. I'm hugely excited to be a part of Amazon and to see what we can build together for customers in the years ahead."

Amazon will acquire iRobot for $61 per share in an all-cash transaction valued at approximately $1.7 billion, including iRobot's net debt. Completion of the transaction is subject to customary closing conditions, including approval by iRobot's shareholders and regulatory approvals. On completion, Colin Angle will remain as CEO of iRobot.

Read more -here-

 

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