Automation firm Symbotic soars on $200 mln deal to buy Walmart's robotics unit (updated)
16/01/2025 14:58
(Updates shares in paragraph 1)
Jan 16 (Reuters) - Symbotic's SYM.O shares jumped
about 14% on Thursday after the automation firm said it would
buy Walmart's WMT.N robotics business for $200 million as part
of an agreement to expand the retailer's automated supply chain.
The company said it would use its artificial
intelligence-enabled robotics platform to improve operations at
Walmart's pickup and delivery centers.
Walmart will 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.
Symbotic, 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.
Some retailers have already been using chatbots, along with
targeted promotions and loyalty programs to entice shoppers who
have increasingly turned to AI for product recommendations.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by
Shilpi Majumdar and Shounak Dasgupta)
((AnujaBharat.Mistry@thomsonreuters.com))