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Hyundai buys Boston Dynamics for $ 921 million

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Hyundai motor concluded an agreement with SoftBank Group to buy Boston Dynamics for $ 921 million. The deal will be officially announced at a board meeting on December 10.

Formerly Bloomberg reported that Hyundai is interested in buying Boston Dynamics. Then the deal was estimated at $ 1 billion.

Since 2017, the robotics manufacturer owns SoftBank. Prior to that, the company was owned by Alphabet. Boston Dynamics was formed from the MIT development team in 1992.

Hyundai’s focus on the robotics sector has grown in recent years, according to The Korea Economic Daily. The company intends to invest about $ 1.4 billion in this segment by 2025. Hyundai has already focused on developing wheeled robots for use in factories.

The acquisition marks the first deal for Chong Uisun as chairman of the Hyundai Motor Group since he took office last October.

Hyundai Motor will finance about half of the deal, with the remainder paid by affiliates, including auto parts maker Hyundai Mobis Co. The company previously hired Goldman Sachs as an advisor and a leading Korean law firm, Kim & Chang, as a legal advisor.

In June 2020, Boston Dynamics opened sales of its four-legged Spot robot at $ 74.5 thousand per copy. In September, robots began to be sold in the European Union, the UK and Canada. Before that, they could be rented.

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