HYUNDAI MOTOR GROUP BUYS CONTROLLING STAKE IN BOSTON DYNAMICS

Hyundai Motor Group and SoftBank Group Corp (SoftBank) on 11 December 2020 announced their acquisition of a controlling stake in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion. Financial terms were not disclosed. Under the agreement, Hyundai Motor Group will hold an approximately 80 percent stake in Boston Dynamics, and SoftBank, through one of its affiliates, will retain an approximately 20 percent stake in Boston Dynamics after the closing of the transaction.

Hyundai Motor Group’s affiliates, namely, Hyundai Motor Co, Hyundai Mobis Co, Hyundai Glovis Co, and Hyundai Motor Group Chairman Euisun Chung, respectively, participated in the acquisition.

“We are delighted to have Boston Dynamics, a world leader in mobile robots, join the Hyundai team. This transaction will unite the 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,” said Euisun Chung, Chairman of Hyundai Motor Group, in a press release.

“We will also contribute to the society by enhancing its safety, security, public health amid global trends of an aging society and digital transformation,” Chung added.

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 its commercialization path. Boston Dynamics has a very bright future, and we remain invested in the company’s success.”

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Do NOT follow this link or you will be banned from the site!
error: Unauthorized Content Copy Is Not Allowed
Scroll to Top
%d bloggers like this: