Hyundai Motor Group is reportedly preparing to purchase the last remaining slice of Boston Dynamics that it doesn’t already own, according to South Korea’s Maeil Business Newspaper, which published the report on Friday.
The South Korean automaker and conglomerate plans to buy SoftBank Group’s 9.65% stake in the U.S.-based robotics company for $325 million, a move that would give Hyundai complete ownership of Boston Dynamics as a wholly owned subsidiary.
According to the newspaper, which cited unnamed industry sources, Hyundai Motor is expected to hold a board meeting on June 22 to formally approve the acquisition.
The report indicates that SoftBank notified Hyundai of its intention to sell off its remaining interest in Boston Dynamics by exercising a put option — a contractual right to sell — that was established when SoftBank originally sold Boston Dynamics to Hyundai.
Hyundai Motor Group, which includes Group Executive Chair Euisun Chung along with affiliates Hyundai Motor, Kia, Hyundai Mobis, and Hyundai Glovis, already holds just over 90% of the robotics firm, the newspaper reported.
Neither Hyundai Motor nor SoftBank responded to requests for comment at the time of the report.
