Samsung Acquires Majority Stake in Rainbow Robotics for Expanded Robotics Operations
news
1 min read
Samsung Electronics said today it has become the largest shareholder of South Korea-based robotics maker Rainbow Robotics, increasing its stake from 14.7% to 35% for KRW 267 billion (about $181 million).
The electronics giant paid KRW 86.8 billion for the initial 14.7% stake in 2023 and is acquiring the additional stake to bolster its robotics department and speed up development of humanoid robots.
As a result, Rainbow Robotics will be integrated as a Samsung subsidiary, with the deal expected to be completed by February 2025.
The acquisition also enables Rainbow Robotics to expand its reach to overseas markets by leveraging Samsung’s global presence.
Source: techcrunch.com
