LIG Nex1 has initiated the pursuit of acquiring Ghost Robotics, a U.S.-based robotics company known for developing robotic dogs.
The company announced in a regulatory filing on Dec. 8 that it will acquire a 60% stake in Ghost Robotics for 315 billion won (US$238.46 million).
To facilitate the acquisition, LIG Nex1 plans to make a 187.7 billion won investment in the tentatively named LNGR, a special purpose entity established in the United States. The remaining acquisition funds will be sourced through channels such as private equity funds established by Korea Investment Private Equity.
Founded in 2015, Ghost Robotics is recognized for its focus on the research and development of quadrupedal walking robots. Starting with “Ghost Minitaur,” the company has consistently undertaken performance enhancements.
The flagship robot, Vision 60, boasts a weight of 51 kg, a maximum speed of 3 meters per second, an operational range of 10 km, and a maximum operating time of 3 hours. Additionally, it can carry a maximum payload of 10 kg.
Ghost Robotics’ annual revenue is reported to range between US$30 to 40 million. The Vision 60 is presumed to be under specialized development for military applications. It is currently utilized by the U.S. and U.K. military for purposes such as surveillance, reconnaissance, and search operations.
In the market, positive reactions are evident regarding LIG Nex1’s pursuit of the acquisition of Ghost Robotics. Analyst Lee Dong-hun from Shinhan Securities said, “The announcement of this acquisition initiative is considered a glimpse into the future expansion of the defense industry. The modernization and advancement of the military are based on unmanned systems, digitization, and automation, and the acquisition of Ghost Robotics is expected to be a crucial turning point.” Lee Ji-ho, a researcher at Meritz Securities, also anticipated, “The acquisition highlights the fact that LIG Nex1 will be the first domestic defense company to enter the U.S. market.”
However, concerns have been raised about the uncertainties surrounding Ghost Robotics Technology (GRT), which owns the domestic rights to Vision 60 developed by Ghost Robotics. GRT has acquired the core technology from the U.S. headquarters and is currently manufacturing some of the products in the domestic market. Rhee Jae-kwang, a researcher at NH Investment & Securities, expressed caution, stating, “The lack of financial information or outlook for the acquisition target makes it difficult to judge whether the acquisition amount is fair. Uncertainties, such as the future relationship with the domestic company already selling V60 in the domestic market, still exist so caution is needed for excessive stock price increases due to this acquisition.”
On the other hand, LIG Nex1 reached a 52-week high on the news of its pursuit of the acquisition of Ghost Robotics, a U.S. robot development and manufacturing company. According to the Korea Exchange on that day, the company closed trading at 128,100 won, marking a significant increase of 29,500 won, or 29.92 percent, compared to the previous trading day. Starting at 118,000 won, the stock price rose steadily, reaching a new 52-week high.
LIG Nex1 has evaluated the corporate value of Ghost Robotics at approximately US$400 million during the acquisition process. The acquisition amount is set at 187.6 billion won, with the scheduled acquisition date on June 30 of the following year.