The cancelled deal would have added robot vacuums to Amazon’s range of smart home products. David Zapolsky, Amazon’s senior vice president and general counsel, expressed disappointment, stating that the outcome will deny consumers faster innovation and more competitive prices. He also criticized the regulatory hurdles, saying they discourage entrepreneurs and hurt consumers and competition. Despite the setback, iRobot plans to continue building robots and intelligent home innovations.
Key takeaways:
- Amazon and iRobot have terminated their acquisition agreement, which was announced in August 2022 and valued at $1.7 billion.
- iRobot CEO Colin Angle is stepping down as CEO and chairman, with Glen Weinstein appointed as interim CEO and Andrew Miler as chairman.
- The deal was reportedly prevented from moving forward by regulators in the European Union, who had concerns over Amazon potentially using its standing to thwart sales of iRobot’s competitors.
- David Zapolsky, Amazon’s senior vice president and general counsel, expressed disappointment over the termination of the deal, criticizing 'undue and disproportionate regulatory hurdles'.