Hyundai Motor Group is to acquire a controlling interest in Boston Dynamics in a deal with SoftBank Group that values the mobile robot firm at US$1.1bn (£820m).
Under the agreement, Hyundai will hold an approximately 80% stake in Boston Dynamics, and SoftBank, through one of its affiliates, will retain an approximately 20% stake in the robotics company.
The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close by June of 2021.
The deal comes as Hyundai looks to combine robotics technologies with its mobility expertise as part of its transformation from conventional automotive OEM to a smart mobility solution provider.
The Korean company is currently investing substantially in development of future technologies, including in fields such as autonomous driving technology, connectivity, eco-friendly vehicles, smart factories, advanced materials, AI, and robots.
The deal is also expected to allow Hyundai and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation.
“We are delighted to have Boston Dynamics, a world leader in mobile robots, join the Hyundai team,” said Euisun Chung, chairman of Hyundai Motor Group. “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 realise our goal – providing free and safe movement and higher plane of life experiences for humanity. We will also contribute to the society by enhancing its safety, security, public health amid global trends of ageing society and digital transformation.”
Boston Dynamics produces mobile robots with advanced mobility, dexterity and intelligence that are designed to enable automation in difficult, dangerous, or unstructured environments. The company launched sales of its first commercial robot, Spot in June 2020 and has since sold it in a variety of industries, such as power utilities, construction, manufacturing, oil and gas, and mining.
Boston Dynamics said it plans to expand the Spot product line early next year with robots featuring greater levels of autonomy and remote inspection capabilities, and the release of a robotic arm, which, according to the company, will be a “breakthrough in mobile manipulation”.
Boston Dynamics is also entering the logistics automation market with Pick, a computer vision-based depalletising solution, and will introduce a mobile robot for warehouses in 2021.
Furthermore, Hyundai Motor Group said it too plans to invest in logistics robots to establish logistics automation, as well as service robots, which it believes have broad usage potential beyond commercial use in areas such as public security and safety.
It is also targeting robots in health-related public services that offer freedom of mobility for the disabled or the elderly, and plans to expand its presence into the humanoid robot market with the aim of developing humanoid robots for sophisticated services such as caregiving for patients at hospitals.
