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Technology Stocks : iRobot Corp.

IRBT 3.725

+0.8%

1:56 PM EDT

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To: Glenn Petersen who wrote (81)	6/16/2023 6:48:08 AM
From: Glenn Petersen	1 Recommendation Recommended By zax Read Replies (1) of 88

IRBT is up approximately 23% in early morning trading. Amazon’s $1.7 Billion iRobot Deal Gets UK Deal Clearance By Katharine Gemmell Bloomberg June 16, 2023, 9:23 AM UTC Amazon.com Inc.’s proposed $1.7 billion deal to buy robot vacuum firm iRobot Corp. was given the all-clear by the UK’s antitrust agency. The Competition and Markets Authority said the deal would not lead to competition concerns in the UK market after an initial review, according to a statement Friday. The iRobot deal, announced in August, has raised competition and privacy worries from tech advocacy groups as the e-commerce giant seeks more internet-connected devices in people’s homes. The deal is also facing an in-depth review by the Federal Trade Commission in the US and a review by the European Commission in Brussels. The agency said that iRobot’s position in supplying robot vacuum cleaners in the UK is modest and has significant rivals. It also found it would not disadvantage Amazon’s rival smart home platforms. “After a thorough investigation, we’re satisfied that the deal would have no impact on competition in the UK,” said Colin Raftery, senior director of mergers at the CMA. The approval will be a relief to the tech giant given how the CMA has taken a more aggressive line with Big Tech mergers of late. It decided to to block Microsoft’s $69 billion Activision Blizzard Inc. deal in April and put a stop to Meta Platforms Inc.’s purchase of Giphy last year. Seattle-based Amazon is also facing separate scrutiny from UK regulators including a cloud probe into the AWS business spearheaded by UK telecoms regulator Ofcom. and another CMA investigation into Amazon Marketplace. Read More: Amazon Faces EU Review for $1.65 Billion iRobot Purchase Amazon’s iRobot Deal Gets UK Competition and Markets Authority Clearance (AMZN) - Bloomberg (archive.ph)

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