Symbotic Inc. (NasdaqGM:SYM) entered into a Purchase and Sale Agreement to acquire Walmart Advanced Systems & Robotics Inc. from Walmart Inc. (NYSE:WMT) for $550 million on January 15, 2025. The Purchase Agreement provides that Symbotic will pay to Walmart, (a) upon the closing of the transactions contemplated by the Purchase Agreement, $200,000,000 in cash, subject to customary adjustments for cash, indebtedness and transaction expenses, and deferred cash consideration following the Closing of (i) $175,000,000, payable only upon acceptance of the first APD under the terms of the Commercial Agreement by Walmart, and (ii) $175,000,000, payable only upon Walmart?s exercise of the Additional APD Option. The transaction is subject to subject to antitrust regulations. The acquisition is anticipated to close in Symbotic?s fiscal second quarter of 2025.
Mahvesh A. Qureshi and Derrik Forshee of Hogan Lovells US LLP acted as legal advisor for Walmart Inc. Matthew B. Goodman and Mimi Wu of Sullivan & Cromwell LLP acted as legal advisor for Symbotic Inc. Citigroup Inc. acted as financial advisor for Symbotic Inc.
Symbotic Inc. is an automation technology company reimagining the supply chain with its end-to-end, artificial intelligence (AI) powered robotic and software platform. It develops, commercializes, and deploys end-to-end technology solutions that improve supply chain operations. It automates the processing of pallets and cases in large warehouses or distribution centers for some of the retail and wholesale companies in the world. The Symbotic platform is based on an approach to connecting producers of goods to end users in a way that resolves the mismatches of quantity, timing and location that arise between the two, while reducing costs. It utilizes fully autonomous robots, collectively controlled by its AI-enabled system software, to achieve at scale, real world supply chain improvements. It serves various industries: retail grocery, food wholesale, consumer packaged goods, retail general merchandise, footwear and apparel, and food and beverage.
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