SoftBank partners with Symbotic for AI-powered warehousing joint venture (updated)
24/07/2023 12:36
(Adds share movement in paragraph 2)
July 24 (Reuters) - SoftBank Group 9984.T is
partnering with Symbotic SYM.N for a warehousing venture that
will be majority owned by the Japanese investor and will buy
$7.5 billion of the U.S. firm's artificial intelligence-powered
systems, the companies said.
Shares of Symbotic up 7% in premarket trading.
The companies are investing a combined $100 million in the
venture, which will be called GreenBox Systems, they said on
Monday.
SoftBank Group will have a 65% stake in GreenBox, with
Symbotic owning the rest.
(Reporting by Zaheer Kachwala; Editing by Shailesh Kuber)
((Zaheer.Kachwala@thomsonreuters.com;))