Amazon agrees to acquire consumer robot firm iRobot in ~$1.7B all-cash deal
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Amazon (NASDAQ:AMZN) has agreed to acquire consumer robot company iRobot (NASDAQ:IRBT) for $61/share in an all-cash transaction valued at ~$1.7B, including iRobot's net debt.
Completion of the deal is subject to customary closing conditions, including approval by iRobot's (IRBT) shareholders and regulatory approvals. On completion, Colin Angle will continue to lead iRobot as CEO.
iRobot specializes in robots and intelligent home innovations. Its product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. The business generated adj. EPS of -$0.66 and revenue of $291.97M in its latest quarter.
Commenting on the deal, Dave Limp, SVP of Amazon Devices, said: "Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive. Customers love iRobot productsâand I'm excited to work with the iRobot team to invent in ways that make customers' lives easier and more enjoyable."
Separately, iRobot (IRBT) reported its Q2 results, with revenue down 30%. The top line performance was impacted by order reductions, delays and cancellations from retailers. Additionally, the firm announced it was laying off 10% of its workforce.
AMZN shares have moved marginally pre-market, while IRBT shares have gained ~19%.