EU to Block Amazon's Acquisition of iRobot, Sending iRobot Shares Plummeting
TL;DR
The European Union's competition watchdog is set to block Amazon's $1.7bn takeover of iRobot, maker of the Roomba cleaner, over concerns that the tie-up could stifle competition in the smart home appliance market. The UK had previously cleared the purchase, but the EU's rejection could have significant implications for both companies. Regulators fear that Amazon's ownership of iRobot could disadvantage other vacuum-makers, potentially limiting consumer choice and competition in the sector.
Topics:businessbusiness-technology#amazon#business-technology#competition-watchdog#eu#irobot#takeover
- Amazon takeover of iRobot to be blocked by EU BBC.com
- iRobot stock plunges on report EU will block Amazon deal Yahoo Finance
- iRobot shares tank 30% on report EU plans to block Amazon acquisition CNBC
- EU aims to protect robot vacuum competition by blocking Amazon/iRobot deal Ars Technica
- Roomba maker iRobot shares plunge on report Amazon deal faces EU block Yahoo Finance
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