Alibaba Group Holdings and Foxconn Technology Group have agreed to each invest 14.5 billion Japanese Yen (US$120 million) in SoftBank Corp’s robotic subsidiary, according to a joint announcement.
Upon completion of the deal, Alibaba and Foxconn will each hold 20% of SoftBank Robotics Holdings Corp, while parent SoftBank will own the other 60%.
Alibaba and Foxconn say they plan to help bring SoftBank Robotics’ products to the global markets.
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