Automation firm Symbotic signs $200 mln deal to buy Walmart's robotics unit
16/01/2025 12:57
Jan 16 (Reuters) - Symbotic SYM.O said on Thursday it
would buy Walmart's WMT.N robotics business for $200 million
in cash to help expand the retailer's automated supply chain,
sending shares of the warehouse robotics firm up 20% in
premarket trading.
The automation firm reached another agreement with Walmart
to develop the retail giant's pickup and delivery centers using
its artificial intelligence-enabled robotics platform.
As a result, Walmart would fund the development program and
pay Symbotic $520 million, including $230 million at closing,
for the new agreement that includes an initial order to cover
hundreds of stores.
The robotics vendor, which has been helping Walmart automate
its supply chain since 2017, said the acquisition was expected
to close in the second quarter of fiscal 2025.
Retailers have been including AI-powered chatbots into their
customer services, along with targeted promotions and loyalty
programs, to entice shoppers who have increasingly turned to AI
for better product recommendations.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by
Shilpi Majumdar)
((AnujaBharat.Mistry@thomsonreuters.com))