Amazon and iRobot nix deal, Roomba maker lays off a third of its staff
CNN
Amazon and iRobot, the maker of the popular Roomba vacuum, have mutually called off an acquisition deal initially valued at about $1.7 billion, citing numerous regulatory hurdles.
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. Immediately after the deal was publicly squashed, iRobot announced it would lay off 31% of its staff and that founder Colin Angle would step down from his role as CEO, citing a focus on profitability, stability and growth. Glen Weinstein will serve as interim CEO. Shares of iRobot (IRBT) were down around 9% in noon trading following the news. 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. The two companies outlined the news in a statement, with iRobot promising additional information on its future business plans at its fourth-quarter earnings call in February. “Though decisions that impact our people are difficult, we must move forward with a more sustainable business model, and a renewed focus on profitability,” Andrew Miller, iRobot’s new chairman of the board, said in the statement. The European Commission released a statement after news of the acquisition’s demise, saying the decision was in line with their findings that the sale would have put iRobot’s competitors at risk.
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