Amazon’s Bid to Acquire iRobot Is Called Off Amid Pushback in Europe

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 had been expected to issue a final decision by Feb. 14.

Amazon will pay the maker of the circular-shaped Roomba vacuum a previously agreed termination fee of $94 million, iRobot said in a separate announcement, which also disclosed that it would lay off about 31% of its staff and see its CEO depart.

Read the source article at AP News