December 11, 2020
Hyundai Motor Group and SoftBank Group Corp. (SoftBank) have agreed on main terms of the transaction pursuant to which Hyundai Motor Group will acquire a controlling interest in Boston Dynamics in a deal that values the mobile robot firm at $1.1 billion. As detailed in the company’s press release, the deal came as Hyundai Motor Group envisions the transformation of human life by combining world-leading robotics technologies with its mobility expertise. Financial terms were not disclosed.
Latham & Watkins LLP represents Hyundai Motor Group in the transaction with a cross-border corporate deal team led by Orange County and New York partner Charles Ruck, Orange County partner Daniel Rees, Hong Kong partner Wonsuk (Steve) Kang, and New York counsel Michael Anastasio, with New York associates Molly Ryan, Adam Rosenthal, Daniel Weissman, Joshua Reisman, Aubrey Steiger and Josh Meyer, Seoul associate Regina Kim and Tokyo associate Hae-in Park. Advice was also provided on intellectual property matters by Bay Area partner Anthony Klein, with associates Morgan Brubaker and Pelin Serpin; on tax matters by New York partner Jiyeon Lee-Lim and Chicago partner Enrique Rene de Vera, with associate Anne McGinnis; on benefits and compensation matters by Los Angeles partner Larry Seymour with associate Megan Ampe; on real estate matters by New York partner Michelle Kelban, and counsel Shira Bressler; on environmental matters by Los Angeles partner Michael Feeley and counsel Aron Potash with associate Derek Galey; on regulatory matters by New York partner Benjamin Naftalis, Washington, D.C. counsels Kyle Jefcoat and Rachel Alpert with associates Allison Hugi and Sarah Grimsdale; on antitrust matters by Washington, D.C. partners Michael Egge and Jason Cruise and Brussels partner Héctor Armengod and counsel Peter Todaro with associates Zoe Hutchinson and Giuseppe Liotine.