BUZZ-Symbotic rises after co to acquire Walmart's robotics business

Shares of robotics vendor Symbotic SYM.O up 13.5% at $30.39 premarket after co to acquire retail bellwether Walmart's advanced systems and robotics business for $200 mln in cash

Symbotic to develop an "advanced solution" to automate Walmart's Accelerated Pickup and Delivery centers (APD), with an initial order covering hundreds of stores, co says in a statement

Symbotic to also participate in a development program funded by Walmart to enhance current online pickup and delivery fulfillment systems and to design new systems

If performance criteria are achieved, Walmart committed to purchasing and deploying systems for 400 APDs at stores over a multi-year period and adding additional APDs in the coming years

Deal expected to close in SYM's fiscal Q2, 2025

In 2024, SYM's stock fell 53.8%

(Reporting by Juveria Tabassum in Bengaluru)

((Juveria.Tabassum@thomsonreuters.com;))