LIG Nex1 acquires Ghost Robotics in $240 million deal

Ghost Robotics' Vision 60, a four-legged robotic dog, displayed at the U.S. company's booth at the K-Safety Expo 2023 held at Kintex in Goyang, Gyeonggi, in September. [NEWS1]

LIG Nex1 will acquire a controlling stake in a U.S. military robot manufacturer for $240 million together with a local private equity investor, the local defense contractor said Friday.

According to its regulatory filing, LIG Nex1 will secure a 60 percent stake in Ghost Robotics, a Philadelphia-based defense robot supplier known for its quadrupedal Vision 60.

The acquisition will be executed through a special purpose company, where LIG Nex1 plans to pour in 187.7 billion won ($143.3 million), which equals to around 60 percent of the deal.

The remaining 40 percent will be mainly funded by Korea Investment Private Equity, which will acquire the exchangeable bonds issued by the special purpose company based on its stake in Ghost Robotics.

The acquisition will be completed by June 30 next year.

The latest deal is aimed at “securing a platform for future growth and making a foray into the U.S. defense market,” according to LIG Nex1.

Ghost Robotics’ unmanned ground vehicle Vision 60 is a 51-kilogram (112-pound) four-legged robotic dog with a maximum payload of 10 kilograms, with military, security and enterprise applications.

The robo-dog has been deployed by the British and U.S. governments for military purposes.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]