Hyundai Motor will buy 80% of Boston Dynamics from SoftBank Group, while the South Korean automaker is looking to expand its factories’ automation and develop autonomous cars, drones and robots.
The company said Friday that the deal valued Boston Dynamics at $ 1.1 billion, suggesting that the automaker and its president have offered $ 880 million for an 80% stake.
Hyundai Motor Group’s new president, Eisun Chang, has pledged to reduce its reliance on traditional car manufacturing, saying that robotics will account for 20% of the company’s future business, with automobile manufacturing taking up 50%, followed by urban air mobility. from 30%.
Chang will hold a 20% stake in Boston Dynamics, while Hyundai Motor and its subsidiaries Hyundai Mobis and Hyundai Glovis will hold a combined 60%.
Boston Dynamics’ products include the Spot, a dog-like robot that can climb stairs and has attracted media attention even as the company struggled to build its business.
The transaction is expected to close in June 2021, subject to regulatory approval and other closing conditions.