Hyundai Motor Group (KRX: 005380) today announced the completion of the company’s acquisition of an 80% stake in Boston Dynamics, Inc., from SoftBank Group Corp. Boston Dynamics is a mobile robot firm, with the price tag valuing the firm at approximately $1.1 billion.
By acquiring Boston Dynamics, Hyundai works to move a step closer to becoming a Smart Mobility Solution Provider. The acquisition is a major investment for Hyundai, with the move having the aim of assisting the company with advancing the development of future technologies including artificial intelligence, autonomous driving, urban air mobility, as well as smart factories and robots.
Both companies are expecting the acquisition to allow them to leverage each other’s abilities in manufacturing, construction, automation, and logistics. Together they intend to create a streamlined process that will accelerate manufacturing and processing times, allowing for increased production and profitability.
Softbank Group is to retain a 20% ownership stake in the Boston Dynamics following the close of the transaction.
Hyundai Motor Group last traded on the KRX at 233,000 KRW (US$205.77).
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