The headlines of Fox Business Flash are here. See what clicks on FoxBusiness.com.
SoftBank Group Corp. has agreed to pay $ 2.8 billion for a 40% stake in Norwegian warehouse automation company AutoStore, which indicates another major bet by the Japanese conglomerate on robot-enabled technology.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| 9984 | after | after | after | after |
AutoStore is controlled by Thomas H. Lee Partners MP, while another private equity firm, Sweden’s EQT AB, has a minority stake. The deal valued the company at $ 7.7 billion, including debt, the companies said Monday.
The Wall Street Journal reported that such an agreement was imminent earlier Monday.
SoftBank CEO Masayoshi Son has been placing big bets on artificial intelligence and internet-connected devices for years, and famously predicted in 2017 that super-smart robots will outnumber humans within 30 years.
COMPASS WITH SOFTBANK BACK RECEIVES $ 450 MILLION IN SEPARATE MARKETING
AutoStore’s technology enables warehouses to be operated almost entirely by robots. The company was founded in 1996 and is pioneering work in a system of dense storage and access to goods that are widely used today.
SoftBank Group Corp. has agreed to pay $ 2.8 billion for a 40% stake in Norwegian warehouse automation company AutoStore, which indicates another major bet by the Japanese conglomerate on robot-enabled technology. (Photo by CHARLY TRIBALLEAU / AFP via Getty Images)
It uses giant blocks packed with trash cans. Robots, but not humans, can travel over the top of the cubes, dig out trash cans and deliver to stations where workers collect orders. It is especially useful in smaller warehouses, which are increasingly increasing in a race to speed up the delivery of goods to consumers in cities.
The company, which is expected to make a profit in 2021, has benefited from manufacturers embracing technology as a way to save costs, and because e-commerce is affecting more parts of everyday life – be it clothing, groceries or household items. buy supplies. AutoStore’s customers include John Deere, Gucci and Texas Instruments Inc., according to the company’s website.
SoftBank is expanding its network of investments in global e-commerce and the related supply chain. It already has interests in some of the world’s largest e-commerce companies, including China’s Alibaba Group Holding Ltd. and South Korean Coupang Inc.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Thomas H. Lee agreed to buy AutoStore from EQT in 2019, with EQT and other investors holding interests. EQT acquired AutoStore in 2017.
Under the agreement, Thomas H. Lee will continue to be the majority shareholder and, along with SoftBank and EQT, will be on the company’s board of directors.