Hyundai Motor acquires 80% stake in robotics firm Boston Dynamics

Motor market’s contender, Hyundai Motor Group and SoftBank Group Corp (SoftBank) made known their controlling stake acquisition in Boston Dynamics at a deal valuded at $1.1 billion on December 11, 2020. Boston Dynamics is a mobile robot firm. Financial criteria of the terms of acquisition have not been disclosed.

As per the agreement, Hyundai Motor Group will hold 80 percent of the stakes in Boston Dynamics and SoftBank will hold a 20 percent stake in Boston Dynamics via one of its affiliates.

Hyundai Motor Group’s affiliates, namely, Hyundai Motor Co, Hyundai Mobis Co and Hyundai Glovis Co, and Hyundai Motor Group Chairman Euisun Chung were all a part of the acquisition process.

“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,” Euisun Chung, Chairman of Hyundai Motor Group said in a press release.

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

“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,” said Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group.

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