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Amid Amazon's iRobot takeover, the E.U. antitrust commission is set to probe the $1.7 billion deal, raising fresh concerns over Big Tech's growing market domination. This news comes after the acquisition gained U.K. approval.
The move also saw iRobot become a part of Amazon's innovation ecosystem. As a player in the vacuum cleaner market, iRobot made its first Roomba robot vacuum in 2002.
However, since the Reuters story was published, iRobot shares have fallen about 10%, the largest percentage they have dipped since February last year. In light of this latest development, iRobot shares have fallen nearly 10%, marking their largest percentage drop since February 2020.
Additionally, Amazon's shares experienced a dip after Reuters published the story. According to insiders, the European Commission plans to launch a four-month investigation following the end of its preliminary review of the deal on July 6.
While it is unlikely that Amazon will offer remedies during this initial phase, the U.S. online retail giant has a final shot in the next few days to convince the E.U. competition watchdog that the deal is pro-competitive. However, the odds against it are high.
Antitrust enforcers around the world have become increasingly wary of the acquisition activities of Big Tech companies, particularly in terms of data accumulation and market domination.
While the U.K. competition agency blocked Microsoft's deal with Activision, the Commission has cleared the deal - but with the condition that Microsoft licenses its acquired content to rival streaming platforms. Clearly, the landscape for acquisitions in the tech industry is shifting, and the scrutiny of such activities will only continue to grow.
Amazon has previously stated that the vacuum cleaner market is highly competitive, with various Chinese players. However, the final verdict rests with the E.U. competition watchdog. Neither the Commission nor Amazon has provided any comment on the matter.
Photo: Onur Binay/Unsplash
