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Hyundai Motor To Acquire 80% Stake In Boston Dynamics From SoftBank

South Korean automaker Hyundai Motor Group (HYMLF.OB,HYMTF.OB) announced Friday an agreement with SoftBank Group Corp. to acquire a controlling interest in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion. Financial terms were not disclosed.

Under the agreement, Hyundai Motor will hold around 80 percent stake in Boston Dynamics and SoftBank, through one of its affiliates, will retain 20 percent stake.

The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close by June of 2021.

With the acquisition, Hyundai Motor aims to advance robotics and mobility to realize progress for humanity. The robotics technologies are expected to lend synergies to autonomous vehicles, UAMs and smart factories.

Hyundai Motor, together with Boston Dynamics, plans to create robotics value chain ranging from robot component manufacturing to smart logistics solutions.

Boston Dynamics is also entering the logistics automation market with Pick, a computer vision-based depalletizing solution, and will introduce a mobile robot for warehouses in 2021.

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