Amazon to buy iRobot for $1.7 billion

The moonlight blog2022-08-06 07:05:59

On August 5, local time, Amazon announced on its official website that it would acquire iRobot, the global leader in sweeping robots, at a price of $61 per share, a 22% premium over iRobot’s closing price of $49.99 on August 4.The total value of the transaction is about $1.7 billion.

The acquisition will be the fourth largest in the history of Amazon's acquisitions, following the $13.7 billion acquisition of the US organic supermarket chain Whole Foods in 2017 and the $8.5 billion acquisition of Hollywood Films in March this year.Movie company Metro-Goldwyn-Mayer, and last month’s $3.9 billion acquisition of healthcare provider One Medical.

According to the official website, iRobot, founded in 1990, is an American consumer robotics company that focuses on cleaning robots and smart home equipment. Currently, its products have sold more than 40 million units worldwide.For the eighth year in a row, its Roomba® vacuum cleaner was featured on Amazon's Prime Day event.

In fact, the two companies have already cooperated.In 2016, iRobot migrated its mission-critical platform to Amazon AWS servers.In addition, the company chose Amazon's voice assistant Alexa when adding intelligent voice capabilities to its products.

It's unclear how iRobot will work with Amazon once the deal closes and regulators approve, but Amazon intends to keep Colin Angle as iRobot's CEO.

Colin Angle, founder and CEO of iRobot, said that since its establishment, iRobot has been committed to creating practical and innovative products, and is committed to making users' lives easier."Amazon, like us, is passionate about building new products that benefit users, and I think it's the best home for iRobot to be with Amazon, where we can continue our mission. I'm very excited to be a part of Amazon and look forward to the future.What can we create together."

Angel will continue to serve as iRobot's CEO after the transaction closes.

The announcement of the acquisition came on the same day that iRobot reported its results for the second quarter ended July 2, 2022, with GAAP revenue of $255 million, an operating loss of $63.9 million, and a net loss per share of $1.60.

As of press time, Amazon has risen slightly by 0.06%, and iRobot has risen by more than 19%.

Source: The Paper

Amazon plans to buy iRobot for $1.7 billion

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