Key facts
- Hyundai Motor Group intends to purchase SoftBank's remaining 9.65% stake in Boston Dynamics for $325 million.
- The acquisition would make Boston Dynamics a wholly owned subsidiary of Hyundai Motor Group.
- A board meeting for Hyundai Motor is scheduled for June 22 to approve the transaction.
- SoftBank reportedly wishes to exercise a put option to sell its stake.
- Hyundai Motor Group and its affiliates currently hold over 90% of Boston Dynamics.
- The initial deal in December 2020 valued Boston Dynamics at $1.1 billion, with Hyundai paying approximately $880 million for a controlling stake.
Hyundai Motor Group is reportedly planning to acquire SoftBank Group's remaining 9.65% stake in U.S. robotics firm Boston Dynamics for $325 million, which would make the company a wholly owned subsidiary. The South Korean newspaper Maeil Business Newspaper cited unnamed industry sources, stating that Hyundai Motor is expected to hold a board meeting on June 22 to approve the purchase.
According to the report, SoftBank has indicated to Hyundai its intention to exercise a put option, agreed upon during the initial sale of Boston Dynamics to Hyundai, to sell its remaining shares. Hyundai Motor and SoftBank have not yet responded to requests for comment.
Hyundai Motor Group, along with its affiliates such as Hyundai Mobis and Hyundai Glovis, already holds a majority stake of over 90% in Boston Dynamics. This latest move follows an earlier agreement announced in December 2020, where Hyundai Motor Group acquired a controlling stake in Boston Dynamics for approximately $880 million, valuing the robotics company at $1.1 billion. That deal gave Hyundai and its chairman, Euisun Chung, an 80% stake, with SoftBank retaining 20%.