SEOUL, (Reuters) – Hyundai Motor Group plans to buy SoftBank Group’s remaining 9.65% stake in Boston Dynamics for $325 million to make the U.S. robotics firm a wholly owned subsidiary, South Korea’s Maeil Business Newspaper reported on Friday.
Hyundai Motor is expected to convene a board meeting on June 22 to approve the purchase, the newspaper said, citing unnamed industry sources.
The report said SoftBank had told Hyundai that it would like to exercise its rights to sell its remaining stake in Boston Dynamics under a put option agreed when it sold Boston Dynamics to Hyundai.
Hyundai Motor and SoftBank did not immediately respond to requests for comment.
Hyundai Motor Group, including Group Executive Chair Euisun Chung and affiliates Hyundai Motor, Kia, Hyundai Mobis and Hyundai Glovis already own just over 90% of the robot maker, the report said.
Reporting by Hyunjoo Jin and Joyce Lee; Additional reporting by Anton Bridge in Tokyo Editing by Ed Davies
