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Amazon is buying iRobot, the manufacturer of Roomba robot vacuum cleaners, in a $1.7 billion all-cash deal, marking a major addition to Amazon’s growing list of smart home technology products.

Key Facts

The agreement values iRobot shares at $61—some 22% higher than the $49.99 per share iRobot closed at Thursday.

iRobot’s stock price surged more than 19% to $59.50 after the market opened Friday morning, though Amazon’s stock price dropped 1.3% to $140.67 Friday morning as part of a broad market downturn in response to a stronger-than-expected July jobs report.

Colin Angle will remain CEO of iRobot after the deal is finalized, the companies said in a news release.

What To Watch For

The deal requires regulatory approval and approval by iRobot’s shareholders to go through.

Key Background

Amazon is among the industry leaders in smart home technology products,

Keep reading this article on Forbes Business.

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