Hyundai Glovis Co., Ltd. (KOSE:A086280), Hyundai Mobis Co.,Ltd (KOSE:A012330), Hyundai Motor Company (KOSE:A005380) and Euisun Chung, Chairman of Hyundai Motor Group signed definitive agreement to acquire 80% stake in Boston Dynamics, Inc. from SoftBank Group Corp. (TSE:9984) on December 11, 2020. The transaction values Boston Dynamics, Inc. at $1.1 billion. Hyundai Glovis Co., Ltd., Hyundai Mobis Co.,Ltd, Hyundai Motor Company and Euisun Chung will also subscribe to new shares in Boston Dynamics, Inc. After the transactions, Euisun Chung, Hyundai Glovis Co., Ltd., Hyundai Mobis Co.,Ltd and Hyundai Motor Company will hold 20% stake each in Boston Dynamics. After the transaction, SoftBank Group Corp. will retain 20% stake in Boston Dynamics, Inc. Upon completion of the transaction, Boston Dynamics will cease to be a subsidiary of SoftBank Group Corp. Boston Dynamics, Inc. reported sales of $2 million and net loss of $103 million for the year ending March 2020. Boston Dynamics, Inc. reported total equity of $272 million and total assets of $376 million as at March 31, 2020. The transaction, subject to regulatory approvals in South Korea and the United States and other customary closing conditions. The Board of Directors of Hyundai approved the transaction. Hyundai Motor, Hyundai Mobis, Hyundai Glovis, and Hyundai Motor Group Chairman Chung Euisun will have 30%, 20%, 10%, and 20% share respectively. The transaction is expected to close by June 2021.

Graham Robinson, Michael Leiter, Timothy F. Nelson, Jose Esteves, Elizabeth Malone, Eve-Christie Vermynck and James Talbot of Skadden, Arps, Slate, Meagher & Flom LLP acted as a legal advisor to Boston Dynamic. Charles Ruck, Daniel Rees, Wonsuk (Steve) Kang, Michael Anastasio, Anthony Klein, Jiyeon Lee-Lim, Enrique Rene de Vera, Larry Seymour Michelle Kelban, Shira Bressler; Michael Feeley, Aron Potash, Benjamin Naftalis, Kyle Jefcoat and Rachel Alpert, Michael Egge and Jason Cruise, Héctor Armengod, Peter Todaro of Latham & Watkins LLP acted as a legal advisor to Hyundai. Ken Siegel, Eric McCrath and Patrick Huard of Morrison & Foerster LLP acted as a legal advisor to SoftBank Group. The Goldman Sachs Group, Inc. (NYSE:GS) acted as the financial advisor to Hyundai Motor Co. Eve-Christie Vermynck of Baker & McKenzie LLP acted as legal advisor to the company.

Hyundai Glovis Co., Ltd. (KOSE:A086280), Hyundai Mobis Co.,Ltd (KOSE:A012330), Hyundai Motor Company (KOSE:A005380) and Euisun Chung, Chairman of Hyundai Motor Group completed the acquisition of 80% stake in Boston Dynamics, Inc. from from SoftBank Group Corp. (TSE:9984) on June 21, 2021. Post-closing, the Group holds an 80 percent stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20 percent stake. The transaction got the receipt of regulatory approvals and other customary closing conditions.