Irobot (NASDAQ:IRBT) stock is climbing higher on Friday after the Roomba-maker announced that Amazon (NASDAQ:AMZN) is buying the company.
Let’s go over everything investors in IRBT stock need to know about today’s news.
- Amazon is spending $1.7 billion to acquire the consumer robot company.
- This will have the e-commerce giant paying $61 per share for IRBT stock.
- That’s a roughly 22% premium compared to the stock’s closing price on Thursday.
- Investors in IRBT stock will want to note that CEO Colin Angle will continue to lead the company after the acquisition.
- Conditions for the deal to close include approval from regulators and shareholders.
- Amazon and iRobot do not provide an expected period for the transaction to close.
Neil Saunders, Managing Director of GlobalData, said the following about the Amazon-iRobot deal:
“It is easy to see how Amazon will integrate products like Roomba into the Alexa and Prime ecosystems, so that people have one central point of monitoring and control for many tasks and activities.”
IRBT stock is experiencing heavy trading today as investors react to the Amazon news. This has some 7 million shares on the move as of Friday morning. To put that in perspective, the company’s daily average trading volume is closer to 411,000 shares.
IRBT stock is up 19% as of Friday morning.
There’s more hot stock market news traders will want to know about below!
InvestorPlace is home to all of the latest stock stories traders need to know about! For Friday, that includes everything happening with AMC (NYSE:AMC), Warner Bros. Discovery (NASDAQ:WBD) and Plug Power (NASDAQ:PLUG) shares today. You can find out more at the links below!
More Friday Stock Market News
- AMC Stock Falls on Plans for APE Preferred Shares
- Why Is Warner Bros. Discovery (WBD) Stock Down 14% Today?
- Why Is Plug Power (PLUG) Stock Powering Up Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
