Brief: SoftBank Group And Symbotic Establish New Warehouse-As-A-Service Joint Venture To Transform Supply Chain Services Through Automation And A.I.

Symbotic

24/07/2023 12:06

July 24 (Reuters) - SoftBank Group Corp  9984.T :
    * SOFTBANK GROUP AND SYMBOTIC ESTABLISH NEW
WAREHOUSE-AS-A-SERVICE
JOINT VENTURE TO TRANSFORM SUPPLY CHAIN SERVICES THROUGH
AUTOMATION AND A.I.
    * SOFTBANK GROUP CORP - SYMBOTIC AND GREENBOX CONTRACT FOR
SALE OF
APPROXIMATELY $7.5 BILLION IN SYSTEMS OVER COURSE OF CONTRACT
    * SOFTBANK GROUP CORP - NEW JOINT VENTURE, GREENBOX, TO
OFFER
FIRST OF ITS KIND AUTOMATED WAREHOUSE SERVICES
    * SOFTBANK GROUP CORP - SOFTBANK GROUP AND SYMBOTIC OWN 65%
AND
35% OF GREENBOX, RESPECTIVELY
    * SOFTBANK GROUP CORP - GREENBOX WILL ORDER SYMBOTIC'S
SYSTEMS
OVER A SIX-YEAR PERIOD COMMENCING IN FISCAL YEAR 2024
    * SOFTBANK GROUP - SYMBOTIC EXPECTS IN EXCESS OF $500
MILLION IN
ANNUAL RECURRING SOFTWARE, PARTS & SERVICES REVENUE FROM
GREENBOX ONCE ALL SYSTEMS ARE OPERATIONAL
    * SOFTBANK GROUP - GREENBOX'S BOARD OF MANAGERS WILL
COMPRISE
THREE MANAGERS, ONE NOMINEE FROM EACH OF SYMBOTIC & SOFTBANK,
AND ONE INDEPENDENT MANAGER
    * SOFTBANK GROUP CORP - GREENBOX'S MANAGEMENT TEAM WILL BE
INDEPENDENT FROM SYMBOTIC AND SOFTBANK
    * SOFTBANK GROUP CORP - GREENBOX WILL INITIALLY BE FUNDED
WITH
$100 MILLION OF CAPITAL CONTRIBUTED PRO RATA BY SYMBOTIC AND
SOFTBANK
    * SOFTBANK GROUP - AFTER SYMBOTIC'S INITIAL $35 MILLION PRO
RATA
CAPITAL CONTRIBUTION, CONTRACT EXPECTED TO BE ACCRETIVE TO
SYMBOTIC'S ANNUAL FREE CASH FLOW
    * SOFTBANK GROUP-BOUGHT ABOUT 17.8 MILLION SHARES FROM
SYMBOTIC
CHAIRMAN & CEO, RICK COHEN, AT SYMBOTIC'S 45 CALENDAR DAY VWAP
AS OF MAY 26, OF $28.05/SHARE
    * SOFTBANK GROUP CORP - SYMBOTIC HAS ISSUED WARRANTS TO CO
REPRESENTING UP TO 2.0% OF SYMBOTIC'S FULLY DILUTED SHARES
OUTSTANDING

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Further company coverage:  9984.T 

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