What It Means for the $1.7 Billion Deal

  • Amazon misses concessions deadline for iRobot acquisition
  • Deadline for companies to submit remedies typically falls on the 65th working day of Phase 2
  • European Commission website not updated with any concession from Amazon
  • Amazon working cooperatively with regulators in review of the merger
  • Final decision on the deal expected by Feb. 14
  • European Commission concerned about competition restriction in the European market
  • If deal goes through, it would extend Amazon’s line up of smart products
  • Shares of Amazon up 1% in premarket trading, iRobot shares rising 3%

Amazon.com has failed to file remedies to the European Commission by the deadline for its proposed $1.7 billion acquisition of iRobot. The deadline for companies to submit remedies typically falls on the 65th working day of Phase 2 of the investigation, which was Wednesday in this case. However, as of Thursday morning, the European Commission website had not been updated with any concession from Amazon. Amazon has stated that it is working cooperatively with the relevant regulators in their review of the merger. The European Commission has until Feb. 14 to make a final decision on the deal. The commission initially expressed concerns about the deal restricting competition in the European market for robotic vacuum cleaners. If the deal is approved, it would expand Amazon’s range of smart products. In premarket trading, shares of Amazon were up 1% and iRobot shares were rising 3%.

Public Companies: Amazon.com (AMZN), iRobot (IRBT)
Private Companies:
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Factuality Level: 7
Justification: The article provides information about the deadline for Amazon to submit remedies to the European Commission regarding its proposed acquisition of iRobot. It also mentions that as of Thursday morning, no concession from Amazon had been updated on the European Commission website. The article includes statements from Amazon and mentions that the European Commission and iRobot did not immediately respond to a request for comment. It also provides background information about the European Commission’s initial concerns and the potential impact of the deal on competition. The article includes stock price updates for Amazon and iRobot. Overall, the article provides factual information but lacks in-depth analysis or additional sources.

Noise Level: 3
Justification: The article provides a brief update on Amazon’s proposed acquisition of iRobot and the deadline for submitting remedies to the European Commission. It includes some relevant information about the regulatory process and the concerns raised by the European Commission. However, it lacks in-depth analysis, evidence, and actionable insights. The article also contains some repetitive information and does not explore the consequences of the deal on those who bear the risks.

Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the stock markets where Amazon and iRobot are listed.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: This news article pertains to the financial topic of Amazon’s proposed acquisition of iRobot and its regulatory process with the European Commission. It does not describe any extreme event.

Reported publicly: www.marketwatch.com