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SoftBank invests $2.8 billion in Norwegian robotics firm AutoStore PUBLISHED BY
Japanese investment giant
SoftBank Group has struck a $2.8 billion deal for a 40 percent stake in Norwegian warehouse automation company
AutoStore, in the latest round of long-term bets in e-Commerce and robotics. The news was first reported by
The Wall Street Journal on Monday and later confirmed by AutoStore in an update on its website.
The Japanese group behind the world’s largest technology fund announced on Monday that will buy the stake from U.S. buyout group
Thomas H Lee Partners and Sweden’s
EQT in a deal worth $7.7 billion.
The deal values AutoStore, which was incorporated in 1996, at $7.7 billion.
SoftBank, which has made a string of investments into e-commerce and robotics over the last few years, is buying the stake from U.S. private equity group Thomas H Lee Partners and Swedish venture capital firm EQT. We view AutoStore as a foundational technology that enables rapid and cost-effective logistics for companies around the globe, said SoftBank CEO and founder Masayoshi Son in a statement.
He added: We look forward to working with AutoStore to aggressively expand across end markets and geographies.
Founded by Ingvar Hognaland and headquartered in a village near Bergen called Nedre Vats, AutoStore has developed what it calls cube storage automation, which enables robots to maximize storage space in warehouses.
SoftBank has invested $2 8 billion in Norwegian robotics firm AutoStore msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.