Hyundai Motor acquires Boston Dynamics for almost $1bn

PanARMENIAN.Net - Hyundai Motor Co. has acquired the U.S. robotics firm Boston Dynamics Inc. from SoftBank Group for $921 million and will finalize the acquisition at its Dec. 10 board meeting, The Korea Economic Daily reports citing sources with knowledge of the matter.

The acquisition will become the first buyout deal for Chung Euisun as Hyundai Motor Group’s chairman since he assumed the chairmanship last October, accelerating the group’s push into the future mobility market. Hyundai has chosen robotics as one of its new growth engines, alongside electric vehicles and hydrogen fuel cell cars.

Hyundai Motor will finance about half of the acquisition price, with its affiliates including auto parts maker Hyundai Mobis Co. paying for the remainder, the sources told the Market Insight, The Korea Economic Daily's capital market news outlet.

Boston Dynamics is famous for the robot Spot, a maneuverable dog-like robot, while Hyundai Motor has focused on wheeled robots intended for factory use.

Spot, unveiled in 2015, is a four-legged robot that can trot, climb stairs and open doors. Boston Dynamics has also introduced the humanoid robot Atlas and the bird-like mobile robot Handle designed for logistics services.