iRobot has entered into a new $200 million credit facility that prompted the company and Amazon to amend the price per share formerly set for its acquisition by the retailer.
The transaction remains subject to customary closing conditions, including regulatory approvals, and iRobot shareholder approval of the amended merger agreement. Amazon and iRobot are working cooperatively with the relevant regulators in their review of the merger, the companies noted.
In announcing the new share price arrangement, Colin Angle, iRobot chairman and CEO, said, “iRobot is taking on new financing that we believe is sufficient to support our operations in a hyper-competitive environment and meet our liquidity needs as well as pay off iRobot’s existing debt. This new financing is the outcome of a thorough process and represents the best terms reasonably obtainable on additional financing to support our operations.”
Dave Limp, senior vp of Amazon devices, added, “We are pleased to support iRobot in this way so they can continue inventing and delivering for customers while our proposed acquisition awaits regulatory approval. As we said when we announced the merger last August, customers love iRobot products, and we’re excited to work with them to invent in ways that make customers’ lives easier and more enjoyable.”
