Hyundai Motor Group to take full ownership of Boston Dynamics

Hyundai Motor Group will take full ownership of Boston Dynamics by acquiring a 9.65 percent stake held by Japan's SoftBank.

Through the acquisition, the group will accelerate its expansion into the robotics business while speeding up preparations for an anticipated initial public offering (IPO) of the robotics affiliate.

The group said Thursday that SoftBank had exercised its put option to sell its remaining 9.65 percent stake in Boston Dynamics under their sale and purchase agreement signed in 2020.

Hyundai Motor Group acquired an 80 percent stake in Boston Dynamics from SoftBank at around 1 trillion won ($674 million) in 2020.

Under the deal, SoftBank had the right to sell its remaining stake to Hyundai Motor Group if Boston Dynamics was not listed in the United States.

The option is set to expire on July 20.

SoftBank's stake was later diluted to 9.65 percent through capital increases and additional investments by Hyundai Motor Group.

Excluding SoftBank, HMG Global, a joint investment firm between Hyundai Motor, Kia and Hyundai Mobis, held a 56.3 percent stake in Boston Dynamics, foll ...