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  • Writer's pictureBy The Financial District

Amazon And iRobot Terminate Acquisition Deal; iRobot Announces Layoffs

Amazon and iRobot mutually decided to cancel their planned $1.7 billion acquisition deal due to regulatory hurdles, as reported by CNN.


iRobot's shares experienced a decline of around 9% following the announcement, while Amazon agreed to pay a cancellation fee of $94 million to the company as per their prior agreement. I Photo: iRobot Faceboo



Following the cancellation, iRobot announced a significant restructuring plan, including layoffs affecting 31% of its workforce and the departure of CEO Colin Angle, who will be replaced by Glen Weinstein as interim CEO.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

iRobot's decision to lay off approximately 350 employees aims to achieve cost savings of up to $150 million.


The company's shares experienced a decline of around 9% following the announcement, while Amazon agreed to pay a cancellation fee of $94 million to iRobot as per their prior agreement. The two companies will provide further details on iRobot's future business plans during its fourth-quarter earnings call in February.




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