Hyundai Motor Buys 80% Of Boston Dynamics' Shares From Softbank

MOSCOW (Pakistan Point News / Sputnik - 21st June, 2021) Hyundai Motor has purchased 80% of shares of US robot developer Boston Dynamics from Japanese holding company Softbank, the South Korean car producer said on Monday.

"Hyundai Motor Group (the Group), Boston Dynamics, Inc. and SoftBank Group Corp. (SoftBank), today 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," the carmaker said in a release.

The group will now hold an 80 percent stake in Boston Dynamics and SoftBank, through one of its affiliates, and retains the remaining 20 percent stake, the statement said.

Hyundai Motor added that by purchasing the shares of the "leader in developing agile, mobile robots" the company takes another step towards the realization of its strategy on securing its position as a frontrunner in the future mobile industry.