The announcement is now confirmed: Boston Dynamics is set to join the Hyundai Motor Group (subject to the completion of required regulatory processes). The robot manufacturer, located in Waltham, Massachusetts, officially announced today that the South Korean technology company is acquiring a controlling ownership position. This transaction, which places a valuation of $1.1 billion on the company, will result in Hyundai Motor Group holding an 80% stake, while SoftBank will retain the remaining 20%.

This transfer signifies the third ownership change for the creator of the Spot robot within the past seven years. Following nearly 25 years as a research and development organization—supported financially by entities such as DARPA—the company was acquired by Google in 2013, becoming an integral part of a new robotics division under the leadership of Andy Rubin.

After the substantial restructuring of Google X Robotics, Boston Dynamics was sold in 2017 to SoftBank, a Japanese investment firm. This acquisition was considered an unusual pairing, and recent financial difficulties experienced by SoftBank likely contributed to the change. Hyundai, however, represents a more fitting home for the company, particularly considering SoftBank’s primary robotics offering is Pepper, a humanoid robot designed for hospitality services.

As previously reported during coverage of acquisition speculation, Hyundai has been actively investing in this sector. These investments include a recent collaborative venture with Aptiv focused on the commercialization of self-driving technology, as well as the unveiling of ultimate mobility vehicles (UMV)—a futuristic, legged vehicle concept.

“Our commercial operations have experienced significant growth as we’ve introduced the first robot capable of automating repetitive and potentially hazardous tasks in environments built for human movement,” stated Rob Playter, CEO of Boston Dynamics, in a statement accompanying the announcement. “We share with Hyundai a vision for the transformative potential of mobility and are eager to collaborate to expedite our plans for delivering advanced automation solutions globally and to continue tackling the most complex challenges in robotics for our clientele.”

Boston Dynamics has consistently pushed the boundaries between the realms of science fiction and practical application for many years. More recently, the company has increasingly focused on bringing its sophisticated technologies to market. During its time under SoftBank’s ownership, Boston Dynamics launched Spot, a four-legged robot built upon years of robotic research, including the well-known Big Dog project.

Spot became available for purchase last year in limited numbers and is currently offered to customers in the U.S. for a price of $74,500. The company is also working to commercialize its wheeled Handle robot, intended for use in warehouse and logistics operations. The anticipated release of Handle is scheduled for sometime next year. Despite the advanced nature and associated costs of the company’s robots, there has been growing investor interest in robotics and automation companies, particularly in light of the disruptions caused by the COVID-19 pandemic.

According to the official announcement, “Hyundai Motor Group will provide Boston Dynamics with a strategic partner, granting access to Hyundai Motor Group’s internal manufacturing capabilities and cost advantages derived from economies of scale.” The release further states that “Boston Dynamics will greatly benefit from new funding, technology, access to affiliated customers, and Hyundai Motor Group’s extensive global market presence, which will enhance opportunities for the commercialization of its robotic products.”

The completion of this agreement is anticipated by June.