"SoftBank Group has added more arms to its portfolio, this time of the robotic kind. The Japanese tech goliath is pushing ahead in its pursuit of "artificial super intelligence" after agreeing to buy ABB's robotics business for a cool $5.4 billion. The companies announced the deal, which remains subject to regulatory approval, late on Wednesday, 8 October. Under the agreement, ABB will carve out its robotics division into a new holding company before transferring ownership to SoftBank."
"ABB Robotics - which employs around 7,000 people and turned over $2.3 billion last year, about 7 percent of ABB Group revenues - has long been one of ABB's most visible technology businesses, supplying arm-like industrial bots for assembly, painting and packaging. But it had little overlap with the Swiss firm's other divisions, which predominantly focus on electrical infrastructure and automated process systems."
SoftBank agreed to buy ABB's robotics business for $5.4 billion, subject to regulatory approval. ABB will carve out the robotics division into a new holding company and transfer ownership to SoftBank. ABB had planned an independent spin-off of the robotics unit but accepted the sale. ABB Robotics employs around 7,000 people and generated $2.3 billion in revenue last year, about 7 percent of ABB Group revenues. SoftBank framed the acquisition as a push into physical AI and the fusion of artificial super intelligence with robotics, while ABB said the offer was carefully evaluated and delivers immediate shareholder value.
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