Hyundai Motor to buy controlling stake in U.S. robot firm from SoftBank

SEOUL (Reuters) - Hyundai Motor Group and its chairman have agreed to buy a controlling stake in Boston Dynamics from SoftBank Group Corp in a deal that values the U.S.-based robot maker at $1.1 billion. The South Korean automaker group said on Friday the purchase would help it expand automation in its vehicle factories and design autonomous cars, drones and robots, as it seeks to turn itself from a manufacturer into a broader mobility service provider. Hyundai Motor Group said the deal, which involves a new share issue, would give the company and its chief a combined 80% stake in Boston Dynamics, while Softbank will retain 20%. Newly promoted Hyundai Motor Group Chairman Euisun Chung has pledged to reduce reliance on traditional car manufacturing. He has said robotics would account for 20% of the firm's future business, while car-making would account for 50% and urban air transport would make up the remaining 30%.