Key insights
- Hyundai Motor is set to acquire SoftBank's remaining stake in Boston Dynamics for $325 million, making the robotics firm a wholly owned subsidiary. This move signals Hyundai's continued strategic focus on robotics and AI, building on its previous acquisition of a controlling stake. While significant for Hyundai's long-term strategy, the direct, immediate impact on the broader US equity market is limited, hence a neutral influence score.
Investing.com-- Hyundai Motor plans to buy SoftBank Group’s remaining stake in Boston Dynamics to make the company a wholly owned subsidiary, South Korea’s Maeil Business Newspaper reported on Friday.
Hyundai will pay $325 million for Softbank’s remaining 9.65% stake in the robotics company, the report said, citing unnamed industry sources.
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Hyundai, through its CEO Euisun Chung and affiliates Kia, Hyundai Mobis, and Hyundai Glovis, already hold an over 90% stake in Boston Dynamics, the report said.
Softbank recently notified Hyundai of its intention to exercise its right to sell its Boston Dynamics stake, with Hyundai agreeing to buy the stake.
Hyundai had acquired a controlling stake in Boston Dynamics in late-2020.
The automaker signaled an increased push into robotics and artificial intelligence over the past year, and was seen collaborating with Nvidia on several ventures.
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