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IPFS News Link • Business/ Commerce

Hyundai takes control of Boston Dynamics in $1.1B deal

• By Ian Carlos Campbell

Hyundai is officially purchasing a controlling stake in robot maker Boston Dynamics from SoftBank in a deal that values the company at $1.1 billion, the company announced today. The deal has been in the works for a while, according to recent a report from Bloomberg, and marks a major step into consumer robotics for Hyundai. Hyundai is taking approximately an 80 percent stake in the company while its previous owner, Softbank, will retain around 20 percent through an affiliate.

Hyundai says its investment will help its development of service and logistics robots, but that over time it hopes to build more humanoid robots for jobs like "caregiving for patients at hospitals." Other areas of interest include autonomous driving and smart factories.