Hyundai Motor Group, Boston Dynamics, and SoftBank Group Corp., announced June 21 the completion of the Hyundai's acquisition of a controlling interest in Boston Dynamics from SoftBank, following the receipt of regulatory approvals and other customary closing conditions. The deal valued the mobile robot firm at $1.1 billion.  Additional financial details were not disclosed.

Post-closing, Hyundai holds an 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20% stake.

Boston Dynamics develops agile, mobile robots that have been successfully integrated into business operations of many of the world’s leading industrial firms. Advanced robotics offer opportunities for rapid growth with the potential to positively impact society by making work safer and more productive.

Hyundai has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence (AI), Urban Air Mobility (UAM), smart factories, and robots.

The deal is also expected to allow Hyundai and Boston Dynamics to leverage each other’s respective strengths in manufacturing, logistics, construction, and automation. Together, they will create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, Hyundai will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.