HYMLF - SoftBank sells 80% stake in Boston Dynamics to Hyundai in $1.1B deal

Yesterday, The Korean Economic Daily reported that SoftBank ([[SFTBF]],[[SFTBY]]) had sold its robotics unit Boston Dynamics to Hyundia ([[HYMLF]],[[HYMTF]]) for around $921M.The companies have now confirmed the deal to Bloomberg but with different terms than previously reported. Hyundai is picking up an 80% stake in Boston Dynamics in a deal valued at $1.1B. SoftBank will retain 20% ownership.Hyundai previously focused on industrial robotics, but the company has committed $55B of spending over five years to electric and autonomous vehicle research. The company is still exploring broader uses for its industrial robotics efforts.Boston Dynamics was born at MIT and was acquired by Google in 2013. SoftBank purchased the company, best known for its viral dog-like robot Spot, four years later.The deal confirmation marks the latest asset sale for SoftBank, which reported record annual operating losses earlier this year due to write-offs of Uber and WeWork investments. The company previously sold off

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SoftBank sells 80% stake in Boston Dynamics to Hyundai in $1.1B deal