Hyundai Motor Group plans to acquire SoftBank Group’s remaining 9.65% stake in Boston Dynamics for $325 million, which would make the U.S. robotics company a wholly owned subsidiary, according to South Korea’s Maeil Business Newspaper. Hyundai Motor is expected to seek board approval for the transaction, the newspaper reported, citing unidentified industry sources.
The proposed sale follows SoftBank’s decision to exercise a put option established when it transferred control of Boston Dynamics to Hyundai. The option gives SoftBank the right to sell its remaining interest to the South Korean automotive group. Hyundai Motor Group Executive Chair Euisun Chung and group companies Hyundai Motor, Kia, Hyundai Mobis and Hyundai Glovis collectively own slightly more than 90% of Boston Dynamics.
Hyundai Motor and SoftBank had not commented on the report.
