Symbotic Inc. (SYM), an AI-enabled robotics technology, Tuesday announced that it has completed the acquisition of the advanced Systems and Robotics business from Walmart Inc. (WMT). In addition, it has signed an agreement for automation systems.
The acquisition deal and agreement could boost Symbotic's future backlog by over $5 billion and introduce a micro-fulfillment solution, expanding its U.S. market potential by more than $300 billion.
The deal includes a $520 million payment to Symbotic, with $230 million due upon completion of the Walmart Advanced Systems and Robotics acquisition.
The agreement is to develop and implement automation systems for Accelerated Pickup and Delivery centers at Walmart stores.
If performance goals are met, Walmart will purchase and deploy systems for 400 APDs in stores over several years, with the option to add more in the future.
Walmart has selected Symbotic to create and implement an advanced solution using its AI-powered robotics platform to improve customer convenience with faster online pickup and delivery services at stores.
In the pre-market trading, Symbotic is 2.92% higher at $28.55 on the Nasdaq.
Walmart in pre-market trading, is 0.08% lesser at $97.32 on the New York Stock Exchange.
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