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In a $1.1 billion deal, the Hyundai Motor Group has just acquired controlling stake in Boston Dynamics from Softbank Group. The deal will pave the way for Hyundai Motor Group to revolutionize the world of automobiles by coalescing world-leading robotics technologies with its mobility knowledge.

The company Boston Dynamics, founded in 1992, is most famous for Spot, an autonomous robot dog that has remote inspection capabilities and was eventually acquired by SoftBank three years ago. Boston Dynamics intends to expand the Spot product line early 2021 with an enterprise variety of the robot, with larger levels of autonomy and remote inspection abilities, and the release of a robotic arm, which will be a leap forward in mobile manipulation.

Located in Seoul, South Korea, Hyundai Motor Group is a multinational automobile company with its hands in automobile, steel, construction, machine tools, logistics, and other industries,

Under this new deal, Hyundai and its chief will acquire a controlling 80% stake in Boston Dynamics, while SoftBank will be left with the rest of the 20%.

Hyundai says that its new partner will profit considerably from new capital, affiliated customers, technology, and the group’s global market reach improving commercialization opportunity for its robot products. By establishing a domineering presence in the industry of robotics, the acquisition will feature another significant step for Hyundai Motor Group toward its strategic transformation into a Smart Mobility Solution Provider.

Hyundai Motor Group believes that the robotics market has potential for significant growth in the future. It predicts that robotics technologies will provide synergy to the new mobility solutions such as autonomous driving and UAM as well as smart factory platforms it hopes to develop soon.

“Boston Dynamics is at the heart of smart robotics. We are thrilled to partner with Hyundai, one of the world’s leading global mobility companies, to accelerate the company’s path to commercialization. Boston Dynamics has a very bright future, and we remain invested in the company’s success” said Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group said in a press release.

While the financial terms were not disclosed, the transaction, subject to regulatory approvals and other customary closing conditions, is expected to close by June of 2021.