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SoftBank Group Corp. agreed to pay $ 2.8 billion for a 40% stake in Norwegian warehouse automation company AutoStore, marking another big bet from the Japanese conglomerate on robotic technology.
AutoStore is controlled by Thomas H. Lee Partners LP, while another private equity firm, Sweden’s EQT AB, has a minority stake. The deal values the company at $ 7.7 billion, including debt, the companies said on Monday.
The Wall Street Journal reported that such a deal was imminent earlier on Monday.
SoftBank CEO Masayoshi Son has been betting on artificial intelligence and internet-connected devices for years, predicting in 2017 that super-intelligent robots will outnumber humans within 30 years.
AutoStore technology allows warehouses to be operated almost entirely by robots. The company was founded in 1996 and pioneered a dense storage and cargo access system widely used today.
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