2023-07-24 14:00:12
SoftBank Group Corp. will set up a joint venture with supply chain service provider Symbotic to build an AI-powered warehouse, and buy more shares in Symbotic.
SoftBank and Symbotic will invest a total of $100 million to form a joint venture, Greenbox Systems, and buy Symbolik’s AI-powered warehouse system for $7.5 billion, according to a statement Wednesday. Bloomberg News earlier reported the establishment of a joint venture between SoftBank and Symbolic.
SoftBank will own regarding 65% of Green Box, with the rest owned by Symbolic. Symbolic went public in 2022 through a merger with SoftBank-backed Special Purpose Acquisition Company (SPAC).
SoftBank, which already owns regarding 5% of Symbotic, will buy 17.8 million shares from Chief Executive Officer Rick Cohen to increase its stake in Symbotic. Symbolic will also issue warrants to SoftBank representing approximately 2% of the outstanding shares.
Original title:SoftBank and Symbotic Form AI-Powered Supply Chain JV (1)
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