SoftBank in talks to sell Boston Dynamics to Korea’s Hyundai

The potential deal, which is valued at as much as US$1 billion, would give the South Korean automaker control over Boston Dynamics, one of the sources said. However, the terms of the transaction are yet to be finalized and a deal may not even materialize, they added.

The companies involved declined to comment on the possible deal. In separate emailed statements to Bloomberg, Hyundai Motor said it’s open to “exploring various investment and partnership opportunities,” while Boston Dynamics said its operations continue to “excite partners interested in exploring a deeper commercial relationship with our company.”

Boston Dynamics is an American robotics company that was spun off from the Massachusetts Institute of Technology. SoftBank acquired the company from Google owner Alphabet in 2017 for an undisclosed sum after the Japanese investment giant closed its US$100 billion Vision Fund.

The potential deal could mark SoftBank’s second major sale in just two months, following its divestment of UK-based chip designer Arm Holdings to computer hardware giant Nvidia in a US$40 billion deal. SoftBank had acquired Arm in 2016 for about US$31.4 billion in cash.

The development also comes after a slew of management exits from SoftBank, which included the retirement of Vision Fund’s chief operating officer Ruwan Weerasekera. He was succeeded by Neil Hadley who takes up the position in addition to his current duties as chief of staff to Vision Fund CEO Rajeev Misra.