Hyundai Motor Group on Friday reached a deal to buy a controlling stake in robot maker Boston Dynamics from Japanese investment group SoftBank Group.
Hyundai
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said it is buying an 80% stake from SoftBank
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in a deal that values Boston Dynamics at $1.1 billion.
Hyundai said the deal will spearhead innovation in future mobility, and provide Boston Dynamics access to the South Korean automobile maker’s manufacturing capability, as well as its global market research. SoftBank will keep a 20% stake.
“In the course of its regular reviews of its portfolio companies to ensure it is maximizing value for its shareholders as a global investment holding company, [SoftBank] determined that now is the right time to bring Hyundai Motor Group, one of the world’s leading global mobility companies, into the partnership,” said the Japanese company, which bought Boston Dynamics in 2018.
According to SoftBank, Boston Dynamics lost $103 million in the year ending March, on sales of just $2 million.
Enough financials — here’s a video of a robot doing gymnastic.s