Hyundai Motor Group, Boston Dynamics, Inc. and SoftBank Group Corp. announced the completion of Hyundai’s acquisition of a controlling interest in Boston Dynamics from SoftBank, following the receipt of regulatory approvals and other customary closing conditions. The deal valued the mobile robot firm at $1.1 billion. Additional financial details were not disclosed.

Post-closing, the Group holds an 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20% stake.

Boston Dynamics is the established leader in developing agile, mobile robots that have been integrated into business operations of many of the world’s leading industrial firms.

Hyundai said that by acquiring Boston Dynamics and securing a leading presence in the field of robotics, it is taking another major step toward its strategic transformation into a Smart Mobility Solution Provider. To propel this transformation, Hyundai has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence (AI), Urban Air Mobility (UAM), smart factories and robots.

In the field of robotics, the Group aims to develop advanced technologies that enhance people’s lives and promote safety.

The deal is also expected to allow the Group and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation. Together, the Group and Boston Dynamics will create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, the Group will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.

Boston Dynamics launched sales of its first commercial robot, Spot, in June of 2020 and now has hundreds of robots operating in a variety of industries, including power utilities, construction, manufacturing, oil and gas, and mining. The company also recently unveiled Stretch, its first commercial robot specifically designed for warehouse facilities and distribution centers.