Regulator approves Samsung's acquisition of robotics startup

SEOUL, March 5 (Yonhap) -- South Korea's antitrust regulator approved Samsung Electronics Co.'s acquisition of local robotics startup Rainbow Robotics on Wednesday as part of its business diversification strategy.

The approval by the Fair Trade Commission (FTC) comes two months after the tech giant submitted the acquisition of the startup for a review.

The regulator said it made the decision as it saw little chance of a monopoly resulting from the deal.

In December, Samsung Electronics said it will become the largest shareholder in Rainbow Robotics as part of its push for advancing robotics technologies, such as humanoid robots.

The company currently owns a 35 percent stake in Rainbow Robotics. It invested 86.8 billion won (US$59 million) in the startup in 2023.

Rainbow Robotics was founded in 2011 by researchers from the Korea Advanced Institute of Science & Technology, or KAIST's Humanoid Robot Research Center, who developed the country's first two-legged walking robot, Hubo.

Samsung Electronics expects a combination of its artificial intelligence (AI) and software technology and the robotics firm's expertise will accelerate the development of intelligent, advanced humanoids.

kyongae.choi@yna.co.kr
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