Hyundai to acquire 80% stake in Boston Dynamics for USD 1.1 billion
Hyundai Motor Group and SoftBank Group Corp. have announced that the former company will acquire a controlling stake in Boston Dynamics for USD 1.1 billion.
Under the agreement, Hyundai will acquire an 80% stake in Boston Dynamics, while SoftBank, through one of its affiliates, will retain an approximate 20% stake. The deal came as Hyundai Motor Group envisions the transformation of human life by combining world-leading robotics technologies with its mobility expertise. Financial terms were not disclosed.
“By establishing a leading presence in the field of robotics, the acquisition will mark another major step for Hyundai Motor Group toward its strategic transformation into a Smart Mobility Solution Provider,” Hyundai Motor Group said in a statement.
“To propel this transformation, Hyundai Motor Group has invested substantially in development of future technologies, including in fields such as autonomous driving technology, connectivity, eco-friendly vehicles, smart factories, advanced materials, artificial intelligence (AI), and robots.”
Boston Dynamics is an American engineering and robotics design company founded in 1992 that produces highly capable mobile robots with advanced mobility, dexterity and intelligence, enabling automation in difficult, dangerous, or unstructured environments. It was acquired by Google X in 2013, then in 2017, was acquired by the SoftBank Group.