Amazon terminates iRobot deal, Roomba maker to lay off 31% of staff
Publishing timestamp: 2024-01-29 12:25:45
Summary
Amazon and iRobot have called off their planned acquisition due to regulatory approval issues. iRobot will lay off employees and its CEO will step down. The deal was originally valued at $1.7 billion but faced regulatory examinations that drove the purchase price down. The European Union did not offer regulatory approval, citing concerns about Amazon hindering iRobot's rivals. iRobot will focus on margin improvements and reduce spending on research and development. Amazon will pay a $94 million breakup fee. Regulators around the world are scrutinizing large technology companies.
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Keywords: breaking news: technology, meta platforms inc, microsoft corp, business news, adobe inc., amazon.com inc, business, irobot corp,