SoftBank had touted its planned acquisition of ABB Robotics as part of its expansion into the fast-growing AI-powered robotics sector. (EPA Images pic)TOKYO: Japanese tech investment giant SoftBank said Friday that China had blocked its US$5.4 billion acquisition of a Swiss-Swedish industrial robot maker.
The deal to buy ABB Robotics, announced last year, had been touted by SoftBank as part of its push into the fast-growing field of AI-powered robots.
ABB Robotics specialises in industrial machines, such as large robotic arms that can make precise movements in factories.
Its parent company ABB Group says China is its second-largest market, with more than 90% of sales there from locally made products and services.
