Hyundai to take full control of Boston Dynamics

Hyundai Motor Group is planning to take full control of Boston Dynamics by acquiring the remaining stake held by SoftBank.

The group said Thursday that SoftBank exercised a put option to offload its remaining stake in Boston Dynamics under an existing agreement between the two companies, Korea Times reported. 

Hyundai first bought into the U.S. robotics maker in 2020, paying roughly 1 trillion won ($674 million) for an 80% stake from SoftBank. 

Hyundai’s position has since climbed to about 90.35% over the following years through capital increases and further investment, diluting SoftBank’s stake down to 9.65%.

The 2020 acquisition included an agreement that allows SoftBank to force the sale of its leftover shares if Boston Dynamics is never listed in the United States. The clause is due to lapse on July 20, prompting the exercise of the put option by SoftBank. 

The financial terms of the transaction were not publicly disclosed. However, it’s estimated to be worth 500 billion won ($338 million). 

Hyundai wants to keep Atlas for its own use

“Hyundai Motor Group has been exploring various ways to expand its investment in Boston Dynamics as part of its long-term robotics strategy,” Hyundai Motor Group stated, adding that “the acquisition is expected to serve as a key catalyst for faster decision-making and business execution.”

At the center of the deal is Atlas, which is Boston Dynamics’ flagship humanoid robot. 

With Boston Dynamics now wholly owned, Hyundai gets full control over how quickly Atlas is folded into its automobile factories.

Hyundai had planned to deploy all of the Atlas robots built this year for its own use. 

The company plans to put Atlas to work at its Metaplant America facility, the electric vehicle complex in Georgia, starting in 2028. The robot will begin with parts sequencing and heavy lifting before moving up to component assembly around 2030. 

Hyundai looks to increase production capacity to 30,000 Atlas units a year, with more than 25,000 earmarked for its own and Kia’s plants, while the rest will be opened for sale to others.

Market speculates on future Boston IPO

Meanwhile, some sources say Hyundai’s buying out SoftBank also tidies up the ownership chart ahead of any share sale or a US listing, although Hyundai said, “nothing has been determined.”

But the market does not see a listing coming soon, since SoftBank would likely have held on rather than cashing out if an IPO were near.

Boston has an estimated corporate valuation of approximately $20 billion (30 trillion won), although some securities firms peg it as high as $67 billion (100 trillion won). 

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