Hyundai Motor Group has officially acquired Boston Dynamics, valuing the maker of Spot at US$1.1bn (£788m).
The deal was announced late last year with the no additional financial details disclosed. Post-closing, Hyundai holds an 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20%.
According to Hyundai, by acquiring Boston Dynamics and securing a leading presence in the field of robotics, it takes another major step toward its strategic transformation into a smart mobility solution provider. It has also invested in the development of future technologies, including autonomous driving, AI, Urban Air Mobility (UAM), smart factories and robots.
In the field of robotics, Hyundai aims to develop advanced technologies that enhance people’s lives and promote safety, thereby realising progress for humanity.
The deal is also expected to allow Hyundai and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation. The partnership will work to create a robotics value chain, from robot component manufacturing to smart logistics solutions.
Additionally, Hyundai will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.