Glen Weinstein, longtime iRobot legal chief, will be taking over as interim CEO at the Roomba maker in the wake of its failed sale to Amazon.
The two companies on Monday said they decided to scrap the $1.7 billion deal, which had been in the works since August 2022, amid strong resistance from antitrust regulators in the European Union. In November, the EU’s competition authority said it was concerned that the acquisition, which would have added the Roomba to Amazon’s range of devices, would unfairly restrict competition in the market for robot vacuums. Amazon said it will pay iRobot a $94 million termination fee for walking way from the deal.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]