Hyundai acquires robotics company Boston Dynamics in $1.1 billion deal

Hyundai has officially confirmed rumors that have been flying around since November. It has acquired a controlling interest in robotics company Boston Dynamics. 

Under the terms of the agreement, Hyundai will hold an approximately 80 percent stake in Boston Dynamics, while previous owner SoftBank will retain the remaining 20 percent. The deal values Boston Dynamics at $1.1 billion.

"The deal came as Hyundai Motor Group envisions the transformation of human life by combining world-leading robotics technologies with its mobility expertise," Hyundai said in a press release Friday.