Amazon on Friday announced it has agreed to acquire the vacuum cleaner maker iRobot for approximately US$1.7 billion, scooping up another company to add to its collection of smart home appliances amid broader concerns about its market power.
iRobot co-founder Colin Angle holding a Roomba vacuum at their headquarters in Bedford, Mass., on Aug. 25, 2016. it has agreed to acquire the vacuum cleaner maker iRobot for approximately US$1.7 billion, scooping up another company to add to its collection of smart home appliances amid broader concerns about its market power.
The company hasn't had much success with household robots, but the iRobot acquisition and the company's strong market reputation provide a "massive foothold in the consumer robot market" that could help Amazon replicate the success of its Echo line of smart speakers, said Lian Jye Su, a robotics industry analyst for ABI Research.
Amazon said it will acquire iRobot for $61 per share in an all-cash transaction that will include iRobot's net debt. The company has total current debt of approximately $332.1 million as of July 2. The deal is subject to approval by shareholders and regulators. Upon completion, iRobot's CEO, Colin Angle, will remain in his position.
"The last thing American and the world needs is Amazon vacuuming up even more of our personal information," said Robert Weissman, president of the progressive consumer rights advocacy group Public Citizen. Last month, Sen. Amy Klobuchar, D-Minn., who heads the Senate Judiciary antitrust panel, urged the the Federal Trade Commission to investigate the One Medical acquisition, in the mold of other critics who've called on regulators to block the purchase over concerns about Amazon's past conduct and potential implications for consumers' health data. Regulators also have discretion to challenge Amazon's $8.
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