The Korean Hyundai Motor Group (Hyundai), the US Boston Dynamics, Inc. and the Japanese SoftBank Group Corp. (SoftBank) announced today the completion of the purchase of a controlling interest in Boston Dynamics from SoftBank, following the receipt of regulatory approvals and other customary closing conditions.
Boston Dynamics is a recognised leader in developing agile, mobile robots that have been successfully integrated into business operations of many of the world’s leading industrial firms. Advanced robotics offer opportunities for rapid growth with the potential to positively impact society by making work safer and more productive.
Post-closing, Hyundai holds an 80% stake in Boston Dynamics. SoftBank retains the remaining 20% stake through one of its affiliates.
The deal values the US robotics firm at $1.1 Bn. Additional financial details were not disclosed.
By acquiring Boston Dynamics and securing a leading presence in the field of robotics, the Group takes another major step toward its strategic transformation into a smart mobility solutions provider. To propel this transformation, Hyundai has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence (AI), Urban Air Mobility (UAM), smart factories and robots.
In the field of robotics, the Korean group aims to develop advanced technologies that enhance people’s lives and promote safety, thereby realizing the progress for humanity.
The deal is also expected to allow Hyundai and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation. Both togethe will create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, Hyundai will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.
Boston Dynamics started the commercialisation of its first commercial robot, Spot® in June of 2020 and now has hundreds of robots operating in a wide range of industries, including power utilities, construction, manufacturing, oil and gas, and mining. The company recently unveiled Stretch™, its first commercial robot specifically designed for warehouse facilities and distribution centers.