Hyundai acquires controlling interest in Boston Dynamics, valued at $1.1 billion
Hyundai Motor Group and SoftBank Group Corp. (SoftBank) agreed on main terms of the transaction pursuant to which Hyundai Motor Group will acquire a controlling interest in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion. The deal came as Hyundai Motor Group envisions the transformation of human life by combining world-leading robotics technologies with its mobility expertise. Financial terms were not disclosed.
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 leading 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 substantially 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.
Advanced robotics offer opportunities for rapid growth with the potential to positively impact society in multiple ways. Boston Dynamics is the established leader in developing agile, mobile robots that have been successfully integrated into various business operations.
The deal is also expected to allow Hyundai Motor Group and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation.
Information Source: Read Full Release ..
Press release by:
