Hyundai Motor Group has acquired controlling interest in Boston Dynamics, valued at $1.1 billion, from SoftBank Group Corp.

Under the agreement, Hyundai Motor Group will hold an approximately 80 per cent stake in Boston Dynamics and SoftBank, through one of its affiliates, will retain an approximately 20 per cent stake in Boston Dynamics after the closing of the transaction. The acquisition marks a major step for Hyundai Motor Group toward its strategic transformation into a Smart Mobility Solution Provider.

Photo: Supplied

Boston Dynamics is the established leader in developing agile, mobile robots that have been successfully integrated into various business operations. Its  robots boast advanced mobility, dexterity and intelligence, enabling automation in difficult, dangerous, or unstructured environments.

The deal is expected to allow Hyundai Motor Group and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction and automation.