Hyundai Motor will buy robot maker Boston Dynamics for $921 million

Hyundai Motor will buy robot maker Boston Dynamics for $921 million

Hyundai Motor Co. is buying U.S. robot maker Boston Dynamics Inc. from Japan’s SoftBank Group, reports Korea Economic Daily. The deal will be worth just under 1 trillion won ($921 million).

Hyundai Motor’s board of directors was planning to approve the deal at a meeting on December 10, according to the newspaper’s sources.

Boston Dynamics is known for its outstanding developments in robotics, but remains unprofitable. The company, founded by a group of engineers at the Massachusetts Institute of Technology (MIT), was bought by Google in 2014 and sold to SoftBank Group in 2017.

Boston Dynamics produces, among others, the four-legged robot Spot, as well as the robot-humanoid Atlas and the robot-bird Handle.

Hyundai Motor, which intends to make robotics a major engine of business growth, along with the development of electric cars and hydrogen fuel cell vehicles, previously promised to invest up to 1.5 trillion won in the sector by 2025.

The company will pay for about half of the deal itself — more than 400 billion won — and the rest will be financed by its divisions, including auto parts maker Hyundai Mobis Co.

In November, sources reported that Hyundai Motor brought in Goldman Sachs as an adviser to close the deal to buy Boston Dynamics.