Hyundai bought Boston Dynamics for 1.1 billion

Hyundai bought Boston Dynamics from SoftBank Group in a $ 1,1 billion deal.

It was announced today following rumors that first surfaced in November. Hyundai Motor Group announced that it has an agreement to acquire an 80% controlling stake in Boston Dynamics, while SoftBank will hold 20% through one of its subsidiaries.

No financial terms were released beyond Boston Dynamics' $ 1,1 billion valuation.

Hyundai says the deal "will mark another milestone in its strategy to become a smart vehicle solution provider" and complement existing investments in eco-vehicles, smart factories - otherwise known as Industry 4.0 - artificial intelligence (AI) and robotics.

Boston Dynamics was founded in 1992 and focuses on advanced robotic designs suitable for commercial applications. In particular, the company works for robotics suitable for dangerous environments, creating products with high levels of dexterity and mobility.

Hyundai says Boston Dynamics has huge growth potential and its portfolio contains "multiple key technologies" that interest the car group. Specifically, there are technologies related to "perception, navigation and intelligence"

Boston Dynamics is headquartered in Boston and Silicon Valley, which is also a factor in the acquisition of the company by Hyundai.