Hyundai Motors buys Robotics Company, Boston Dynamics, for $1.1b from SoftBank
Under the agreement, Hyundai will hold 80 percent stake while SoftBank will retain 20 per cent stake.
Boston Dynamics is known for producing intelligent robots that can open doors and do acrobatic jumps.
Under the agreement, Hyundai will hold 80 per cent stake in Boston Dynamics while SoftBank, through one of its affiliates, will retain 20 per cent stake in Boston Dynamics after finalising the deal.
Boston Dynamics is known for producing highly intelligent and capable mobile robots, that can open doors as do acrobatic jumps.
The company once showed off the power of its Robot dogs as they haul a truck across Boston Dynamics parking lot with a one-degree uphill slope.
With this acquisition, Hyundai will have access to robotics tech that will help with future autonomous vehicles and smart factories.
SoftBank, a Japanese conglomerate, purchased Boston Dynamics from Google parent company Alphabet in 2017 for an undisclosed sum.