SoftBank is poised to finalize Spac’s first partnership with AI company Robotics Symbotic

SoftBank is planning to complete its first Spac merger by announcing a Walmart-based robotics company sponsored by Walmart for $ 5.5bn.

Symbotic, an AI startup that focuses on improving retail chains for retailers, in combination with SVF Investment Corp 3, Spac-sponsored Spac, the two companies said on Monday.

The integration of blank checks is the first of its kind for SoftBank, which has upgraded several Spacs and has been searching for the right secret companies to make them public.

This consolidation comes at a time when the market for non-check companies has declined sharply since the crisis in the market earlier this year. Business exchanges have skyrocketed and Pipe’s key market has dried up, forcing companies to seek higher prices.

Symbotic, which works with vendors including Walmart and Albertsons, uses AI technology to drive a team of hundreds of robots that move objects in storage. A Massachusetts-based robotics company says it is expected to reach $ 433m by 2022, an increase of more than 73% compared to 2021.

The deal provides Symbotic business value of $ 4.8bn. The total amount raised from the deal amounted to $ 725m plus $ 205m raised through Pipe funding from investors plus $ 150m from Walmart dealers, and $ 320m raised from SVF Spac in March.

SoftBank is also investing $ 200m in Symbotic through Vision Fund 2, the $ 108 billion focused on health and software development, as opposed to placing a multi-billion dollar bet on urban travel companies that it made through its first Vision Fund. Japan’s second Vision Fund group borrowed money from names such as Microsoft and Apple, as well as anonymous corporations including the National Bank of Kazakhstan.

The Spac deal comes at a time when traders are warning that they are facing a major crisis internet restrictions and staff shortages in the run-up to the Christmas season.

In closing, shareholders of Symbotic shares including company CEO Rick Cohen will own 88 percent of the company, Walmart owns 9 percent and Spac owners hold the rest.

SVF Spac shares rose 0.5 percent in initial sales Monday morning. The integrated group will sell on Nasdaq under the SYM ticker.