Hyundai to Purchase SoftBank’s Remaining Boston Dynamics Stake for $325 Million
Hyundai Motor Group's Acquisition of Boston Dynamics
Details of the Planned Purchase
SEOUL, June 19 (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.
Board Meeting and Approval Process
Hyundai Motor is expected to convene a board meeting on June 22 to approve the purchase, the newspaper said, citing unnamed industry sources.
SoftBank's Put Option and Stake Sale
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.
Responses from Hyundai and SoftBank
Hyundai Motor and SoftBank did not immediately respond to requests for comment.
Current Ownership Structure
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 Credits
(Reporting by Hyunjoo Jin and Joyce Lee; Additional reporting by Anton Bridge in TokyoEditing by Ed Davies)