Shares of robotics solutions provider Berkshire Grey (NASDAQ:BGRY) are soaring higher today after it agreed to be acquired by SoftBank Group and its affiliate in a $375 million deal.
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SoftBank will acquire all outstanding shares of the company at $1.40 per share. BGRY is an expert in AI robotics and the transaction is expected to help it improve efficiency and remain competitive.
Further, the deal has been approved by BGRY’s board and the $1.60 per share tag points to a 24% premium over the stock’s last closing price.
BGRY anticipates the deal to close in the third quarter of this year. Shares of the company are up nearly 18% today already while short interest in the stock still remains elevated at about 10% at present.
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