SoftBank to Acquire Swiss ABB's Robotics Business for 7.6 Trillion Won
On October 8, SoftBank Group of Japan announced that it has signed an agreement to acquire the robotics business of Swiss conglomerate ABB.
The planned purchase price is 5.375 billion dollars (approximately 7.6 trillion won), and the acquisition process is expected to be completed in the middle to latter half of next year.
The company explained, "ABB will spin off its robotics business to create a holding company, which will then be transferred. After the acquisition, this holding company will become a subsidiary of SoftBank."
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Regarding the purpose of the acquisition, the company added, "By supplementing the existing technologies of SoftBank Robotics Group, we aim to accelerate innovation in the field of artificial intelligence (AI) robotics and strongly drive evolution and growth toward the realization of artificial superintelligence (ASI)."
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