Symbotic (SYM) said Tuesday that it had completed the acquisition of the Advanced Systems and Robotics unit from Walmart (WMT).
The AI-enabled robotics technology company said it has also signed a commercial agreement with Walmart covering the development and deployment of automation systems for accelerated pickup and delivery centers at Walmart stores.
Symbotic said the agreement enables the company to engage in a Walmart-funded development program to improve current online pickup and delivery fulfillment systems, as well as design new systems to meet the needs of current and future customers.
If performance targets are met, Walmart has committed to purchasing and deploying systems for 400 accelerated pickup and delivery centers in stores over a multi-year period, Symbotic said.
Associated with the development program, Walmart will pay Symbotic a total of $520 million, including $230 million at the acquisition's closing, Symbotic said.
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