Amazon signs a definitive merger agreement to purchase iRobot

Image of iRobot. Credit: [email protected]

Amazon will acquire iRobot after the two companies signed a definitive merger agreement.

 

E-commerce giant Amazon and iRobot announced on Friday, August 5, that they have entered into a definitive merger agreement under which Amazon will acquire iRobot.

Amazon will acquire iRobot for $61 (€59.89) per share in an all-cash transaction valued at approximately $1.7 (€1.6) 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.

iRobot has a history of making customers’ lives easier with innovative cleaning products for the home. It has continued to innovate with every product generation, solving hard problems to help give customers valuable time back in their day.

In 2002, iRobot launched the first Roomba, a programmable cordless vacuum that maps spaces to avoid obstacles, and has become one of Amazon’s best-selling products.

“We know that saving time matters, and chores take precious time that can be better spent doing something that customers love”, said Dave Limp, SVP of Amazon Devices.

“Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive – from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin”, he continued.

Mr Limp added: “Customers love iRobot products – and I’m excited to work with the iRobot team to invent in ways that make customers’ lives easier and more enjoyable”.

“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”, commented Colin Angle, chairman and CEO of iRobot.

“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”, he assured.

On completion of the deal, Colin Angle will remain as CEO of iRobot. The company recently announced layoffs as part of a restructuring plan, and reported poor results in its latest quarter, in which its losses increased, and sales shrunk.

In the middle of the session on the Wall Street stock market, after hearing the news, the value of iRobot shot up 19 per cent, while that of Amazon fell 1 per cent.

___________________________________________________________

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

Comments


    Leave a comment

    Your email address will not be published.