UK regulator approves Amazon’s plan to take over iRobot for $1.7 billion

The UK’s antitrust authority (CMA) has approved Amazon’s plan to take over iRobot, the maker of the Roomba vacuum cleaner, for $1.7 billion. The authority made the announcement today on the British government’s website. The transaction will not threaten competition in Britain, it said. The takeover plan is still under review by the European Commission (EC) and the Federal Trade Commission (FTC) in the United States.

Satisfaction

“We are pleased with the UK antitrust authority’s decision and are committed to supporting the regulators in their work,” an Amazon spokesperson responded to the decision. “We look forward to other regulators making similar decisions soon,” he added.

Regulators on both sides of the Atlantic are wary of small competitors being taken over by large tech companies, especially those with access to large amounts of user data. Approval of such deals is usually preceded by remedies, Reuters notes.

Concerns about Amazon’s market power

The US FTC is also looking into the proposed transaction. It is interested in whether the online retailer Amazon would then increase its market power in the home appliances segment. The EC is taking notice of the deal because of privacy concerns. The Roomba vacuum cleaner is capable of recording data about the space in the home in addition to cleaning.

The EC’s questions, according to Financial Times (FT) sources, mainly concern how the device works and takes pictures. Images taken by a development version of the vacuum cleaner have previously been leaked online. iRobot is investigating the matter and has suspended its cooperation with the supplier that processes the data. The EC is expected to make a decision by 6 July.

source: ČTK

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

Golden Brokers Review

Golden Brokers Limited was founded in 2018, it is...

Siemens’ Quarterly Profit Beats Estimates as the Company Benefits from AI-Related Demand

German industrial conglomerate Siemens increased its profit from industrial...

Sell Stop Orders: How They Work, When They Trigger and Where They Fail

A sell stop order allows investors to automatically sell an asset...

German Authority Investigates PayPal Over Possible Restriction of Competition

The online payment system PayPal may be engaging in...

Airbnb Could Earn More From the Same Booking

Airbnb plans to bring car rentals and partner services directly into its platform. With AI customer support reducing overheads, the company aims to earn higher profits from existing customer bookings.

Over-the-Counter Markets: How OTC Trading Works Outside Centralized Exchanges

Over-the-counter (OTC) trading allows investors, financial institutions, and companies...

Maersk’s profits grew, but a return via Suez may squeeze margins [1]

Maersk posted an operating profit of USD 3.3 billion...

Shooting Star Candlestick: How to Read It Without Trading the Shape Alone

A shooting star candlestick can warn that an upward...
spot_img