June 21, 2021

Hyundai BostonDynamics400x275Hyundai Motor Group, Boston Dynamics and SoftBank Group have announced the completion of Hyundai’s acquisition of a controlling interest in Boston Dynamics from SoftBank, following regulatory approvals and customary closing conditions. The deal is valued at approximately $1.1 billion, with additional financial details not disclosed.

Post-closing, Hyundai will hold an 80% stake in Boston Dynamics, with SoftBank, through one of its affiliates, retaining the remaining 20%, the companies said in a statement. Boston Dynamics has been developing mobile and advanced robotics for business operations that aim to impact society by making work safer and more productive. Last June, the company launched sales of its first commercial robot, Spot, with more than hundreds of robots operating in industries such as power utilities, construction, manufacturing, oil and gas, and mining. The company also recently launched Stretch, its first commercial robot designed for warehouse facilities and distribution centers.

Hyundai said that by acquiring Boston Dynamics, it takes another step towards its strategy of becoming a “Smart Mobility Solution Provider.” The company said it has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence, urban air mobility, smart factories, and robots. 

In addition, the deal is expected to allow Hyundai and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction, and automation. The goal is to create a robotics value chain, from robot component manufacturing to smart logistics solutions, the companies said. Hyundai is also expected to support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.

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