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A Hyundai Motor Co.-led group will buy an 80-percent stake, worth up to 900 billion won, in US robotics firm Boston Dynamics Inc. from Japanese investment firm SoftBank Group.
Hyundai Motor Co. and Hyundai Motor Chairman Chung Euisun will take 30 percent and 20 percent of the deal, and two subsidiaries, Hyundai Mobis and Hyundai Glovis, will pay for the remainder, the firm said.
The board of directors at Hyundai Motor and its two affiliates, Hyundai Mobis and Hyundai Glovis, approved the deal worth between 800 billion won to 900 billion won aimed at expanding the robotics business to tap into related industries and create synergy with future businesses.
Hyundai Motor hopes to finalize the deal, which requires regulatory approvals in South Korea and the United States, within the first half of next year.
SoftBank acquired Boston Dynamics from Google owner Alphabet Inc. in 2017.
Boston Dynamics is yet to make a profit out of its famous dog-like robot Spot, which became available for sale this year for $75,000 per unit.
It is Hyundai Motor Group's first M&A deal after Chung Euisun officially took the helm of the company in October.
Chung vowed to make the company a future mobility provider.
