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Hyundai Motor Completes Acquisition Of Boston Dynamics From SoftBank

South Korean automaker Hyundai Motor Co., Ltd. (HYMLF.OB,HYMTF.OB) Monday said it has completed the acquisition of a controlling interest in Boston Dynamics from SoftBank Group Corp. (SFTBY.PK,SFTBF.PK).

The deal was closed after receiving regulatory approvals and other customary closing conditions. The deal valued the mobile robot firm at $1.1 billion. Additional financial details were not disclosed.

Hyundai Motor currently holds an 80 percent stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20 percent stake.

Hyundai Motor and Boston Dynamics will create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, the company will support Boston Dynamics' continued expansion of its product line and global sales and service footprint.

With the purchase of Boston Dynamics, Hyundai Motor said it takes a major step toward its strategic transformation into a Smart Mobility Solution Provider. The company has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence or AI, Urban Air Mobility or UAM, smart factories and robots.

Boston Dynamics launched sales of its first commercial robot, Spot in June of 2020 and now has hundreds of robots operating in a variety of industries. The company also recently unveiled Stretch, its first commercial robot specifically designed for warehouse facilities and distribution centers.

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