Hyundai chairman, Group to buy Boston Dynamics from SoftBank for $1.1 bn

Hyundai Motor Group and its chairman have agreed to buy a controlling stake in Boston Dynamics from SoftBank Group Corp in a deal that values the US-based robot maker at $1.1 billion.

The South Korean automaker group said on Friday the purchase would help it expand automation in its vehicle factories and design autonomous cars, drones and robots, as it seeks to turn itself from a manufacturer into a broader mobility service provider. 

Hyundai Motor Group said the deal, which involves a new share issue, would give the firm and its chief a combined 80 per cent stake in Boston Dynamics; Softbank will retain 20 per cent.

Newly promoted Hyundai Motor Group Chairman Euisun Chung has pledged to reduce reliance on traditional car manufacturing. He has said robotics would account for 20 per cent of the firm's future business, while car-making would account for 50 per cent and urban air transport would make up the remaining 30 per cent.

Chung will own a 20 per cent stake in Boston Dynamics, while Hyundai Motor and its affiliates Hyundai Mobisand Hyundai Glovis will hold a combined 60 per cent stake.

Softbank Group CEO Masayoshi Son said the partnership with Hyundai Motor Group would accelerate the robot maker's path to commercialisation.