Hyundai Motor Group buys controlling stake in the robotech company Boston Dynamics

The acquisition of Boston Dynamics by Hyundai Motor Group raises its valuation to $1.1 billion.

Hyundai Motor Group and SoftBank Group Corp (SoftBank) on 11 December 2020 announced their acquisition of a controlling stake in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion. Financial terms were not disclosed. Under the agreement, Hyundai Motor Group will hold an approximately 80 percent stake in Boston Dynamics and SoftBank, through one of its affiliates, will retain an approximately 20 percent stake in Boston Dynamics after the closing of the transaction.

Hyundai Motor Group's affiliates, namely, Hyundai Motor Co, Hyundai Mobis Co and Hyundai Glovis Co, and Hyundai Motor Group Chairman Euisun Chung respectively participated in the acquisition.

"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," said Euisun Chung, Chairman of Hyundai Motor Group 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," Chung added.

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

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