Hyundai Motor and SoftBank agreed on main terms 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.
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.
This acquisition will mark another major step for Hyundai Motor Group toward its strategic transformation into a Smart Mobility Solution Provider. Boston Dynamics is the established leader in developing mobile robots that have been successfully integrated into various business operations.
Euisun Chung, Chairman of Hyundai Motor Group said, “We are delighted to have Boston Dynamics, a world leader in mobile robots, join the Hyundai team. This transaction will unite capabilities of Hyundai Motor Group and Boston Dynamics to spearhead innovation in future mobility. The synergies created by our union offer exciting new pathways for our companies to realize our goal – providing free and safe movement and higher plane of life experiences for humanity. We will also contribute to the society by enhancing its safety, security, public health amid global trends of aging society and digital transformation”.
Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group said, “Boston Dynamics is at the heart of smart robotics. We are thrilled to partner with Hyundai, one of the world’s leading global mobility companies, to accelerate the company’s path to commercialization. Boston Dynamics has a very bright future and we remain invested in the company’s success”.
Robert Playter, CEO of Boston Dynamics said, “Boston Dynamics’ commercial business has grown rapidly as we’ve brought to market the first robot that can automate repetitive and dangerous tasks in workplaces designed for human-level mobility. We and Hyundai share a view of the transformational power of mobility and look forward to working together to accelerate our plans to enable the world with cutting edge automation, and to continue to solve the world’s hardest robotics challenges for our customers”.
Hyundai Motor Group’s decision to acquire Boston Dynamics is based on its growth potential and wide range of capabilities. Boston Dynamics possesses many key technologies for high-performance robots that are equipped with perception, navigation, and intelligence. This acquisition also showcases Hyundai’s continued commitment to achieve free and safe movement for humanity through open innovation.
You can read more details here.