Amazon has officially terminated its $1.7 billion acquisition of iRobot, the company known for its consumer robotic vacuums. The deal, originally signed on August 4, 2022, would have allowed Amazon to invest in iRobot's innovation and support efforts to lower product prices.
The termination comes as a mutual decision between the two companies, and they have signed an agreement to resolve all outstanding matters, including Amazon paying iRobot the previously agreed-upon termination fee.
David Zapolsky, Amazon SVP and General Counsel, expressed disappointment over the termination, stating, "This outcome will deny consumers faster innovation and more competitive prices, which we’re confident would have made their lives easier and more enjoyable."
Colin Angle, Founder of iRobot, also expressed disappointment but emphasized that iRobot remains committed to building thoughtful robots and intelligent home innovations. iRobot has sold more than 50 million robots globally and will continue its focus on creating products that enhance customers' lives.
(With Agency Inputs)
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