Amazon to take stake in warehouse robotics firm

Business | Technology 1/10/2019, 10:16 AM
Amazon to take stake in warehouse robotics firm

Amazon.com Inc. reached an agreement with Balyo under which it could acquire a stake of up to 29% in the French warehouse robotics firm over the next seven years, Balyo announced on Thursday.​ ​Balyo, which specializes the automatization of warehouse vehicles such as forklifts, noted the deal with Amazon "represents an unprecedented opportunity for Balyo to grow its business and supports the soundness of our investments over the years to perfect our robotic solutions."

Amazon will get the right to exercise up to 29% of the French firm's capital, depending on the amount the tech giant invests in Balyo. It will receive the right to the full 29% stake in case it spends up to €300 million on orders from the robotics company.

Balyo shares soared 31.89% at 10:17 am CET on the news.

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