San Francisco, January 29: Amazon on Monday announced it has terminated its $1.7 billion acquisition of iRobot, the maker of consumer robotic vacuums, on mutual conditions. Originally signed on August 4, 2022, the deal would have allowed Amazon to invest in continued innovation by iRobot and support iRobot in lowering prices on products customers already love.
"We're disappointed that Amazon's acquisition of iRobot could not proceed. 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 SVP and general counsel. “Undue and disproportionate regulatory hurdles discourage entrepreneurs, who should be able to see acquisition as one path to success, and that hurts both consumers and competition - the very things that regulators say they're trying to protect,” he added. iRobot: UK’s Antitrust Regulator Gives Nod to Amazon’s $1.7 Billion Roomba Maker Acquisition
The companies have signed a termination agreement that resolves all outstanding matters from the transaction, including Amazon paying iRobot the previously agreed upon termination fee. iRobot is a global enterprise that has sold more than 50 million robots worldwide. Amazon's USD 1.7 Billion Deal to Buy Roomba Maker IRobot Gets UK Approval
"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,” said Colin Angle, Founder of iRobot.
(The above story first appeared on LatestLY on Jan 29, 2024 09:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).