Deals

SoftBank Ups Stake In Symbotic in Joint Venture Deal

The SoftBank logo outside the Tokyo Portcity Takeshiba building, which houses the company's headquarters, in Tokyo, Japan, on Tuesday, May 9, 2023. SoftBank Group is scheduled to release earnings figures on May 11.Photographer: Akio Kon/Bloomberg

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By Michelle F Davis and Katie Roof

July 24, 2023 at 10:00 AM UTC

Updated on

July 24, 2023 at 1:53 PM UTC

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SoftBank Group Corp. is setting up an artificial intelligence-oriented warehousing joint venture with Symbotic Inc. and buying more shares in the supply-chain-services company.

SoftBank and Symbotic are investing a combined $100 million to establish the joint venture, which will be called GreenBox Systems LLC, and will buy $7.5 billion of Symbotic’s AI-powered systems for its warehouses, according to a statement Monday, confirming a Bloomberg News report. That adds to Symbotic’s $12 billion of contracts for system deployments.