Hyundai acquires 80% of Boston Dynamics for $1.1B

In a $1.1 billion deal, South Korean automotive giant Hyundai Motor Group has completed acquisition of a controlling interest in US-based robotics company Boston Dynamics.

While Hyundai became the owner of 80% of the robotics giant, 20% of the company's shares were retained by Japanese telecommunication firm Softbank, said a press release on Monday.

Hyundai continues to invest in future technologies such as autonomous driving, artificial intelligence, and robots, it added.

"Boston Dynamics is the established leader in developing agile, mobile robots that have been successfully integrated into business operations of many of the world’s leading industrial firms," it said.

The statement also said Boston Dynamics is a leading company globally "in developing and deploying highly mobile robots capable of tackling the toughest robotics challenges."