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Amazon abandons $1.4 billion deal to buy Roomba maker iRobot

2024-01-29 17:52 by
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Amazon and iRobot agreed Monday to terminate the planned $1.4 billion acquisition of the vacuum maker after facing hurdles from European antitrust regulators. The companies said the deal had "had no path" to approval in the European Union.

"This outcome will deny consumers faster innovation and more competitive prices, which we're confident would have made their lives easier and more enjoyable," said David Zapolsky, Amazon senior vice president and general counsel.

The deal originally was announced in mid-2022 with a $1.7 billion price-tag, with Amazon hoping to expand a smart home device portfolio that already included Ring and Alexa.

As part of the announcement, iRobot chair and CEO Colin Angle, who co-founded the company in 1990, is stepping down from both roles. iRobot's current executive vice president and chief legal officer, Glen Weinstein, will serve as interim CEO, and Andrew Miller, formerly lead independent director of the board, will become chair. As part of the restructuring, iRobot is pausing its work on devices outside of its core floor-cleaning product lineup like air purifiers and lawn mowers, and closing offices and facilities in "smaller, underperforming geographies."

The collapse of the deal means Amazon will pay a $94 million termination fee to iRobot, which will largely be used to help pay off a $200 million loan it took out last year.

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