AutoStore, a robotics and software company, has announced that SoftBank has entered into a definitive agreement to acquire 40% of AutoStore from funds affiliated with Thomas H. Lee Partners, L.P. and EQT Private Equity, among other shareholders.
THL will continue to be AutoStore’s majority shareholder and THL, SoftBank and EQT will each have representatives on AutoStore’s Board of Directors.
Masayoshi Son, Chairman & CEO of SoftBank Group Corp. said, “We view AutoStore as a foundational technology that enables rapid and cost-effective logistics for companies around the globe. We look forward to working with AutoStore to aggressively expand across end markets and geographies.”
Karl Johan Lier, President & CEO of AutoStore, said, “We are delighted for SoftBank to join the AutoStore team as we continue on our journey to automate all commerce and deliver best-in-class automation solutions to our customers. Our world-class investor group brings exceptional experience from multiple geographies, and we are thrilled to have SoftBank’s leadership and support on a global scale, but particularly with our vision for growth in Asia-Pacific.”
Jim Carlisle, AutoStore’s Chairman of the Board and Managing Director at THL, and Mike Kaczmarek, Managing Director at THL, said, “We believe the SoftBank partnership, in support of Karl Johan and the fantastic team at AutoStore, will help accelerate growth and unlock AutoStore’s massive potential. We are thrilled to welcome SoftBank as our new partner and are very excited for what the future holds for AutoStore.”
The transaction is subject to customary closing conditions and is expected to be completed this month, in April 2021.
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.