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Hyundai to buy SoftBank's remaining stake in Boston Dynamics for $325 million, newspaper says.

stock :: 6hrs ago :: source - Reuters

By Reuters

(Reuters) - Hyundai Motor Group plans to buy SoftBank Group's ‌remaining 9.65% stake in Boston ‌Dynamics for $325 million to make the U.S. robotics ​firm a wholly owned subsidiary, South Korea's Maeil Business Newspaper reported on Friday.

Hyundai Motor is expected to convene a ‌board meeting on ⁠June 22 to approve the purchase, the newspaper said, citing ⁠unnamed industry sources.

The report said SoftBank had told Hyundai that it would ​like to ​exercise its rights ​to sell its ‌remaining stake in Boston Dynamics under a put option agreed when it sold Boston Dynamics to Hyundai.

Hyundai Motor and SoftBank did not immediately respond to ‌requests for comment.

Hyundai Motor ​Group, including Group Executive ​Chair Euisun ​Chung and affiliates Hyundai Motor, ‌Kia, Hyundai Mobis and ​Hyundai Glovis, ​already own just over 90% of the robot maker, the report said.

(Reporting ​by ‌Hyunjoo Jin and Joyce Lee; Additional ​reporting by Anton Bridge in TokyoEditing ​by Ed Davies)


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