Amazon.com failed to file timely remedies with the European Commission over its proposed $1.7 billion acquisition of iRobot.
According to the Wall Street Journal, the deadline for companies to submit remedies to the European Commission when a merger proposal is under review typically falls on the 65th working day of Phase 2 of the investigation. That would have been Wednesday. As of Thursday morning, the European Commission's website had not been updated with a concession from Amazon.
Amazon…
Amazon.com failed to file timely remedies with the European Commission over its proposed $1.7 billion acquisition of iRobot.
According to the Wall Street Journal, the deadline for companies to submit remedies to the European Commission when a merger proposal is under review typically falls on the 65th working day of Phase 2 of the investigation. That would have been Wednesday. As of Thursday morning, the European Commission's website had not been updated with a concession from Amazon.
Amazon declined to comment on the news, but regarding the deal's regulatory steps more broadly, the company said it is “cooperating with relevant regulators as they review the merger.”
The European Commission declined to comment to Barron. iRobot did not respond to a request for comment.
The European Commission has until February 14 to make a final decision on the deal.
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The European Commission initially sent Amazon a notice of objections to the proposed deal for the smart vacuum cleaner company in November 2023. In it, the European Commission said it was concerned that the deal would restrict competition in the European market for robot vacuum cleaners.
If the deal goes through, it would expand Amazon's lineup of smart products, which include the Alexa virtual assistant, Ring doorbells and smart thermostats.
Shares of Amazon rose 0.6% to $154.69 on Thursday. Shares of iRobot rose 4.3% to $31.03 after shares fell 20% on Wednesday following initial reports that Amazon would miss the concession deadline.
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Write to Angela Palumbo at [email protected]