Hyundai Motor Group completes acquisition of Boston Dynamics
by CM Staff
The deal is also expected to allow the Group and Boston Dynamics to leverage each other's respective strengths in manufacturing, logistics, construction and automation.
BOSTON, SEOUL, and TOKYO — On June 21, Hyundai Motor Group, Boston Dynamics, Inc. and SoftBank Group Corp., announced the completion of the Group’s acquisition of a controlling interest in Boston Dynamics from SoftBank, following the receipt of regulatory approvals and other customary closing conditions. The deal valued the mobile robot firm at $1.1 billion. Additional financial details were not disclosed.
Post-closing, the Group holds an 80 percent stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20 percent stake.
Boston Dynamics is a developer of agile, mobile robots that have been integrated into business operations of many industrial firms. Advanced robotics offer opportunities for rapid growth with the potential to positively impact society by making work safer and more productive.
The deal is also expected to allow the Group and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation. Together, the Group and Boston Dynamics aims to create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, the Group will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.
Boston Dynamics launched sales of its first commercial robot, Spot® in June of 2020 and now has robots operating in a variety of industries, including power utilities, construction, manufacturing, oil and gas, and mining. The company also recently unveiled Stretch™, its first commercial robot specifically designed for warehouse facilities and distribution centers.