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Amazon to Buy iRobot for $1.7 Billion

Stock Markets Aug 05, 2022 09:41AM ET
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© Reuters. Amazon (AMZN) to Buy iRobot (IRBT) for $1.7 Billion

By Senad Karaahmetovic

Amazon (NASDAQ:AMZN) announced today it has agreed to acquire iRobot (NASDAQ:IRBT) in a deal worth $1.7 billion.

The e-commerce titan will pay $61 per share to acquire iRobot, which designs and builds consumer robots for homes.

“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,” said Dave Limp, SVP of Amazon Devices.

Amazon plans to keep Colin Angle as the 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,” Angle added.

The price of $61 per share represents a premium of 22% based on iRobot’s last closing price before the announcement.

Amazon to Buy iRobot for $1.7 Billion
 

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