Maker of Roombas, iRobot, sold to China
The long-struggling American robot vacuum manufacturer iRobot has been sold.
iRobot is best known for its products -- the company is the maker of Roomba robot vacuums -- and it has played a key role in shaping the modern robot vacuum market, having operated in the field for some 35 years.
At its peak during the pandemic in 2021, iRobot's market capitalization stood well above $3 billion. However, intensifying competition and poor strategic decisions pushed the company into serious trouble.
In 2022, iRobot had already reached a fully negotiated acquisition agreement, under which Amazon was set to acquire the company.
The European Union ultimately blocked the deal, citing concerns that Amazon could distort the robot vacuum market by favoring iRobot products it owned over those of competing manufacturers.
After the deal collapsed, iRobot was unable to turn its finances around, and the company's debt continued to balloon year after year.

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