Amazon said Monday it is terminating its planned $1.4 billion acquisition of iRobot after facing hurdles from European antitrust regulators.
The companies said the deal “had no path to regulatory approval in the European Union.”
“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 senior vice president and general counsel.
Under the deal, announced in August 2022, Amazon would have acquired iRobot for a revised $51.75 per share, bolstering its position in the smart home market.
The same day the deal was terminated, iRobot, the company behind the Roomba vacuum, also announced it was cutting 31% of the company’s workforce.
This is a developing story. Please check back for updates.