In recent years, it has faced competition from cheaper Chinese rivals, including Picea, putting pressure on sales and forcing iRobot to reduce headcount. A management shake-up in early 2024 saw the departure of its co-founder as chief executive. Amazon proposed buying the company in 2023, seeing synergy with its Alexa-powered smart speakers and Ring doorbells. EU regulators, however, pushed back on the deal, raising concerns it would lead to reduced visibility for rival vacuum cleaner brands on Amazon鈥檚 website. Amazon and iRobot terminated the deal little more than a month after Adobe鈥檚 $10 billion purchase of design software maker Figma was abandoned amid heightened US antitrust scrutiny under Joe Biden鈥檚 administration. Although iRobot received $94 million in compensation for the termination of its deal with Amazon, a significant portion was used to pay advisory fees and repay part of a $200 million loan from private equity group Carlyle. Picea鈥檚 Hong Kong subsidiary acquired the remaining $191 million of debt from Carlyle last month. At the time, iRobot already owed Picea $161.5 million for manufacturing services, nearly $91 million of which was overdue. Alvarez & Marsal is serving as iRobot鈥檚 investment banker and financial adviser. The company is receiving legal advice from Paul, Weiss, Rifkind, Wharton & Garrison. The Financial Times Ltd. . Not to be redistributed, copied, or modified in any way.
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