(Reuters) – Symbotic (SYM) said on Thursday it would buy Walmart’s (WMT) robotics business for $200 million in cash to help expand the retailer’s automated supply chain, sending the company’s shares higher. of warehouse robotics rose 20% in pre-market operations.
Closing: January 15 at 4:00:01 pm EST
The automation firm struck another deal with Walmart to develop the retail giant’s pickup and delivery centers using its AI-enabled robotics platform.
As a result, Walmart would fund the development program and pay Symbotic $520 million, including $230 million at closing, for the new deal that includes an initial order to cover hundreds of stores.
The robotics supplier, 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.
Retailers have been including AI-powered chatbots in their customer services, along with targeted promotions and loyalty programs, to appeal to shoppers who are increasingly turning to AI for better product recommendations.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shilpi Majumdar)