Amazon and iRobot Merger Abandoned Due To E.U. Opposition
29 Janeiro 2024 - 12:57PM
IH Market News
Amazon (NASDAQ:AMZN) and
iRobot (NASDAQ:IRBT) have called off their planned
merger after E.U. regulators refused to approve the deal.
Amazon announced its $1.7bn deal to buy iRobot in August
2022.
On Monday, the two companies released a statement saying that
the proposed deal “has no path to regulatory approval” in the
E.U.
David Zapolsky, Amazon SVP and General Counsel, said: “We’re
disappointed that Amazon’s acquisition of iRobot could not
proceed.
“We’re believers in the future of consumer robotics in the home
and have always been fans of iRobot’s products, which delight
consumers and solve problems in ways that improve their lives.
Amazon and iRobot were excited to see what our teams could build
together, and we’re deeply grateful to everyone who worked
tirelessly to try and make this collaboration a reality. This
outcome will deny consumers faster innovation and more competitive
prices, which we’re confident would have made their lives easier
and more enjoyable.”
iRobot founder Colin Angle said: “The termination of the
agreement with Amazon is disappointing, but iRobot now turns toward
the future with a focus and commitment to continue building
thoughtful robots and intelligent home innovations that make life
better, and that our customers around the world love.”
Amazon will pay iRobot a $94m termination fee.
Meanwhile, iRobot has announced it plans to cut 31% of its
workforce as part of a restructuring.
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