Amazon ($AMZN (-1,08 %) )and iRobot ($IRBT (-0,83 %) ) have agreed to cancel the planned takeover as there was "no path" to regulatory approval. iRobot announced it would lay off about 350 employees and the founder and CEO
Colin Angle would resign, according to CNBC & Bloomberg.

The company, originally valued at 1.7 billion US dollars valued at Amazon-iRobot deal was ultimately rejected due to European audits.

Amazon pays iRobot a "termination fee" of 94 million US dollars. The EU regulators had expressed concerns that the takeover would distort competition in the market for robot vacuum cleaners market.

iRobot announced that due to the restructuring work on devices outside its core products core products, such as air purifiers and lawn mowers will be discontinued.