iRobot Corporation

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Investigation Details

In 2022, Amazon.com, Inc. announced it intended to acquire iRobot, maker of the Roomba line of automated vacuums for approximately $1.7 billion. In November 2023, the European Commission, the European Union’s trade authority, issued an initial opinion concerning the deal, highlighting potential anti-competitive implications. Amazon signaled it would not remedy the problems the Commission raised. Then, on January 17, 2023, iRobot entered into a $200 million debt agreement with Bank of America. Amazon abruptly reversed course in response to the announcement, decreased their proposed purchase price of iRobot by about 15%, and ultimately terminated the deal in its entirety.

Between iRobot’s announcement of the Bank of America loan and Amazon’s termination of the agreement, iRobot’s stock price declined by approximately $14.50 per share or almost 50%.