Hyundai Motor Group to Gain Full Ownership of Boston Dynamics Ahead of Nasdaq Listing

Hyundai Motor Group is poised to acquire the remaining 9.65% stake in Boston Dynamics held by Japan's SoftBank, which would grant the South Korean conglomerate full ownership of the renowned robotics company. This development is unfolding as Boston Dynamics gears up for a potential listing on the Nasdaq stock exchange in 2028.

Hyundai initially acquired an 80% stake in Boston Dynamics from SoftBank in June 2021 for $880 million. The acquisition agreement included a put option that allows SoftBank to sell its remaining shares to Hyundai under certain conditions, particularly if a public listing did not occur within a specified timeframe. Due to accumulated losses and subsequent capital increases, the current share distribution sees Hyundai holding 28%, Kia 17.2%, Hyundai Mobis 11.3%, Hyundai Glovis 11.25%, Chairman Chung Euisun 22.6%, and SoftBank 9.65%.

According to shareholder agreements reviewed by Hankyoreh, SoftBank's put option expires on June 20th. If Boston Dynamics is not publicly listed by this date, SoftBank can demand Hyundai purchase its shares, estimated to be around $300 million. Conversely, if SoftBank does not exercise its put option, Hyundai Motor Group has a 30-day window to exercise a call option to buy the shares. This process suggests the share acquisition could be finalized by the end of December.

This move is strategically significant for Hyundai Motor Group, especially concerning its corporate governance and succession plans. Chairman Chung Euisun's personal stake in Boston Dynamics was notably increased during the initial acquisition, fueling speculation that it could be leveraged to raise funds for inheritance taxes. Full ownership of Boston Dynamics, a leader in physical artificial intelligence, aligns with Hyundai's future vision and provides a potential asset for managing the complex inheritance of group control.