LONDON—Amazon called off its purchase of robot vacuum maker iRobot on Monday, blaming “undue and disproportionate regulatory hurdles” after the European Union signaled its objection to the deal.
The companies said in joint statement that they were disappointed but mutually agreed to terminate the acquisition. The deal faced antitrust scrutiny on both sides of the Atlantic, but most strongly in Europe, where regulators investigating competition concerns were expected to issue a final decision by Feb. 14.
Amazon announced in 2022 that it would buy iRobot, maker of the circular-shaped Roomba vacuum, for $1.7 billion in cash. But the value of the deal fell 15 percent after iRobot incurred new debt.
Amazon will pay the Bedford, Massachusetts-based company a previously agreed termination fee of $94 million, iRobot said in a separate announcement, which also disclosed that it would lay off about 31 percent of its staff and see its CEO depart.
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Amazon’s Bid to Buy Roomba Maker iRobot Is Called Off Amid Pushback in Europe
- by: The Associated Press
- 01.29.24
- Source:
The Epoch Times
- 01/30/2024
Amazon Office by flickr is licensed under flickr https://www.flickr.com/photos/govmurphy/44174686684
Amazon Office by flickr is licensed under flickr https://www.flickr.com/photos/govmurphy/44174686684
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