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iRobot - 3 Colin Angle - 3 Glen Weinstein - 3 David Zapolsky - 2 — - 1 Amazon's - 1 wasn't - 1 Amazon’s - 1
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3 mentions found


☆ Roomba maker hit with layoffs as Amazon calls off $1.7 billion cash deal
  + stars: | 2024-01-29 | by ( Associated Press | ) www.businessinsider.com   time to read: +3 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Amazon's announced in 2022 that it would buy iRobot, maker of the circular-shaped Roomba vacuum, for $1.7 billion in cash. Amazon will pay the Bedford, Massachusetts-based company a previously agreed termination fee, which wasn't disclosed in the statement Monday. AdvertisementThe European Commission, the European Union's executive arm and top antitrust enforcer, had informed Amazon last year of its "preliminary view" that the acquisition of the robot vacuum maker would be anticompetitive. Now that the deal has been called off, iRobot said it will undergo a restructuring plan designed to stabilize the company.
Persons: —, Amazon's, wasn't, iRobot, David Zapolsky, Colin Angle, Glen Weinstein Organizations: Service, Business, Amazon, European Commission, Federal Trade Commission Locations: Bedford , Massachusetts, U.S
☆ Amazon's Bid to Buy Roomba Maker IRobot Is Called off Amid Pushback in Europe
  + stars: | 2024-01-29 | by ( Associated Press | Jan. | At A.M. | ) www.usnews.com   time to read: +4 min
LONDON (AP) — 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 deal faced antitrust scrutiny on both sides of the Atlantic, but most strongly in Europe, where regulators investigating competition concerns were expected to issue a final decision by Feb. 14. Amazon announced in 2022 that it would buy iRobot, maker of the circular-shaped Roomba vacuum, for $1.7 billion in cash. Political Cartoons View All 253 ImagesWhile British antitrust regulators cleared the purchase in June, it also still faced scrutiny in the U.S. by the Federal Trade Commission. This is the latest example of a deal involving U.S. companies that fell apart after facing scrutiny from European regulators.
Persons: iRobot, David Zapolsky, Amazon’s, Colin Angle, Glen Weinstein, Haleluya Hadero Organizations: European Union, Amazon, European Commission, Federal Trade Commission, U.S, Adobe, Biotech, ___ AP Locations: European, Europe, Bedford , Massachusetts, U.S, EU, New York
☆ Amazon and Roomba maker call off acquisition deal, iRobot lays off staff instead
  + stars: | 2024-01-29 | by ( Jennifer Korn | ) edition.cnn.com   time to read: +4 min
CNN —Amazon and iRobot, the maker of the popular Roomba vacuum, mutually called off their estimated $1.7 billion acquisition deal Monday, citing numerous regulatory hurdles. Amazon (AMZN), which was up about 0.5% in noon trading, will pay iRobot a previously agreed-upon $94 million cancellation fee. IRobot said the restructuring plan, impacting around 350 employees, is intended to save the company up to $150 million. In November, the European Commission said the deal could hamper competition in the robot vacuum sector. Earlier this month, the Wall Street Journal reported that the European Commission planned to block the deal.
Persons: iRobot, Colin Angle, Glen Weinstein, IRobot, “, ” Andrew Miller, iRobot’s, ” David Zapolsky, Lina Khan, ”, Meta Organizations: CNN, European, Federal Trade, European Union, European Commission, Wall Street Journal, Amazon, Federal Trade Commission, Commission, Amazon . Tech, Adobe, EU, UK, Nvidia, UK’s Competition, Markets Authority, Activision Blizzard, CMA Locations: Europe
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