Hyundai Motor (HYMLF) is buying SoftBank's (SFTBY) remaining 10% stake in Boston Dynamics for $325 million U.S.
Following the conclusion of the deal, Boston Dynamics, a U.S. robotics firm, will become a wholly owned subsidiary of Hyundai Motor.
SoftBank has exercised its right to sell its remaining stake in Boston Dynamics under an option agreement it has in place with both Boston Dynamics and Hyundai.
Hyundai Motor already owns 90% of Boston Dynamics. The latest sale will give the automaker complete ownership of the robotics company.
Boston Dynamics is an American engineering and robotics design company founded in 1992 as a spin-off from the Massachusetts Institute of Technology (M.I.T).
Headquartered in Waltham, Massachusetts, Boston Dynamics has been majority owned by Hyundai Motor since 2020.
Hyundai uses Boston Dynamics’ robots in its vehicle manufacturing processes. The stock of Hyundai is currently trading at $51 U.S. per share on the over-the-counter market in the U.S.
