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SoftBank to Sell Boston Dynamics to Hyundai Motors - Report

SoftBank is reportedly selling the robotics company for almost $1 billion.
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Hyundai Motors is acquiring robotics firm Boston Dynamics from SoftBank  (SFTBY)  for 1 trillion won (U.S. $917 million), with the acquisition expected to be finalized at a board meeting on Thursday, the Korea Economic Daily reported this week. 

The companies have reportedly been engaged in sale discussions since at least early November. 

Boston Dynamics is best-known for its robotic dog, Spot, which it sells for $75,000. Spot has been used to herd sheep and was used by healthcare providers this year to triage patients suspected of having coronavirus. 

Hyundai Motor has been investing heavily in robotics recently, announcing plans to invest up to 1.5 trillion won ($1.4 billion) in robotics by 2025. Hyundai has mainly focused on manufacturing wheeled robots for factory use, according to Endgadget. 

Meanwhile, Boston Dynamics was spun out of the Massachusetts Institute of Technology and acquired by Alphabet's  (GOOGL) - Get Alphabet Inc. Class A Report Google in 2013, which then sold it to SoftBank in 2017. 

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SoftBank shares were rising 10.4% to $39.15 Thursday morning in response to the highly successful public debut of DoorDash  (DASH) - Get DoorDash, Inc. Class A Report on Wednesday. 

SoftBank owns 20% of DoorDash post-IPO after acquiring its stake over the past two years for about $680 million. Meanwhile, the paper profit from the food delivery service's initial public offering rose to $11.2 billion for SoftBank, according to Bloomberg. There have been reports that the Japanese-based investment firm could attempt to go private. 

The DoorDash boon could raise the profit margin in SoftBank's Vision Fund unit to its highest ever after it recorded record losses in the last fiscal year. 

DoorDash shares were falling 4.4% in the stock's second day of trading.

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