Hyundai Motor Group Takes Majority Control of Boston Robotics
Posted on 12/11/2020
The Hyundai Motor Group is a South Korean multinational conglomerate headquartered in Seoul, South Korea, and it is the largest car manufacturer in the country. Hyundai Motor Group owns Hyundai Motor Company and Kia Motors. Hyundai Motor Group bought an 80% stake in robotics company Boston Dynamics from SoftBank Group Corporation at a US$ 1.1 billion enterprise value. Under the agreement, Hyundai Motor Group will hold an approximately 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, will retain an approximately 20% stake in Boston Dynamics after the closing of the transaction. Hyundai Motor Group’s affiliates – Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Glovis Co. – and Hyundai Motor Group Chairman Euisun Chung respectively participated in the acquisition.
Boston Dynamics produces highly capable mobile robots with advanced mobility, dexterity and intelligence, enabling automation in difficult, dangerous, or unstructured environments. The company launched sales of its first commercial robot, Spot in June of 2020 and has since sold hundreds of robots in a variety of industries, such as power utilities, construction, manufacturing, oil and gas, and mining.