Amazon Scraps Buyout Of IRobot Vacuum Maker After EU Objections
Muhammad Irfan Published January 29, 2024 | 09:32 PM
Amazon on Monday said it was scrapping its plans to buy the iRobot vacuum maker after the EU's antitrust authority objected to the plan over competition concerns
Washington, (APP - UrduPoint / Pakistan Point News - 29th Jan, 2024) Amazon on Monday said it was scrapping its plans to buy the iRobot vacuum maker after the EU's antitrust authority objected to the plan over competition concerns.
"We're disappointed that Amazon's acquisition of iRobot could not proceed," said David Zapolsky, Amazon SVP and General Counsel.
The EU in July opened an antitrust investigation into Amazon's $1.7-billion purchase of iRobot, which is best known for its Roomba self-operating vacuum cleaners.
Brussels at the time said it was probing whether the acquisition would allow Amazon to "restrict competition" and "strengthen its position as an online marketplace provider."
The EU said it was especially concerned that Amazon's role as the world's preeminent internet retail hub would allow it to crush competition from other vacuum-makers seeking online buyers.
The European Commission also pointed to questions over how Amazon would use the data collected by iRobot's self-driving devices that upload detailed information about the user's home.
The EU's deadline to decide on the deal was next month, and media reports widely reported that the commission would lay down its veto.
Amazon executives believed that given the objection of the commission and the lack of acceptable remedies to allay their concerns, there was no way forward for the deal.
"This outcome will deny consumers faster innovation and more competitive prices, which we're confident would have made their lives easier and more enjoyable," Amazon's Zapolsky said.
Amazon added that it believed "undue and disproportionate regulatory hurdles" discourage entrepreneurs and hurt competition in the long run. In a statement, the companies said Amazon would pay iRobot a previously agreed-upon termination fee.
Recent Stories
SC forms six-member bench to IHC judges'letters
PM to take part in World Economic Forum meeting in Riyadh today
Punjab Police officer Riffat Bukhari wins global award
Punjab Police Hero ASP Shehbano Naqvi’s wedding festivities spark joy
TECNO CAMON 30 Series set to launch at a grand fashion show in Karachi
Record growth being witnessed in IT exports due to SIFC’s efforts
Pakistan, Canada agree to enhance cooperation in all fields
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 27 April 2024
Today Gold Rate in Pakistan 27 April 2024
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
More Stories From World
-
Benin police fire tear gas to break up union protest
44 minutes ago -
Estanguet emotional as Olympic torch sets sail for France
54 minutes ago -
Olympic torch begins its voyage to France
1 hour ago -
Haliburton hits winner as Pacers hold off Bucks, T'Wolves push Suns to brink
2 hours ago -
Star K-pop producer causes online stir after lashing out at industry bosses
2 hours ago -
Kenyan patients suffer as doctors' strike grinds on
2 hours ago
-
China to send 2 giant pandas to U.S.
2 hours ago -
China's industrial profits up 4.3 pct in Q1
2 hours ago -
5.9-magnitude quake hits Mid-Indian Ridge: USGS
2 hours ago -
Canada announces investment to grow semiconductor supply chain
2 hours ago -
Chinese company to build photovoltaic factory in Saudi port
2 hours ago -
Russia hits Ukrainian energy sites in 'massive' overnight attack
3 hours ago