Hyundai Motor Group will acquire a controlling interest in Boston Dynamics from SoftBank Group, in a deal that values the mobile robot firm at $1.1 billion.
The deal came as the automotive manufacturer aims to combine robotics technologies with its mobility. Financial terms were not disclosed.
Boston Dynamics produces mobile robots. The company launched sales of its first commercial robot, Spot® in June of 2020 and has since sold hundreds of robots in a variety of industries, such as power utilities, construction, manufacturing, oil and gas, and mining.
Under the agreement, Hyundai Motor Group will hold an approximately 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, will retain an approximately 20% stake in Boston Dynamics after the closing of the transaction. Hyundai Motor Group’s affiliates – Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Glovis Co. – and Hyundai Motor Group Chairman Euisun Chung respectively participated in the acquisition.
By establishing a 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. To propel this transformation, Hyundai Motor Group has invested 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.
“We are delighted to have Boston Dynamics, a world leader in mobile robots, join the Hyundai team. This transaction will unite capabilities of Hyundai Motor Group and Boston Dynamics to spearhead innovation in future mobility. The synergies created by our union offer exciting new pathways for our companies to realize our goal – providing free and safe movement and higher plane of life experiences for humanity,” said Euisun Chung, Chairman of Hyundai Motor Group.
He added – “We will also contribute to the society by enhancing its safety, security, public health amid global trends of aging society and digital transformation.”
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.