Shares of robotics company Symbotic (SYM) jumped about 20% Thursday morning after the company announced an 澳洲幸运5开奖号码历史查询:expanded partnership with Walmart (WMT) that includes Symbotic buying Walmart's robotics business, and Walmart funding development of 澳洲幸运5开奖号码历史查询:new automation programs.

Symbotic is acquiring Walmart's Advanced Systems and Robotics business for $200 million along with up to $350 million in potential future payments. In addition, Walmart will pay Symbotic $520 million over the course of the development of a new robotics platform.

Symbotic will Develop 'Advanced' Robotics Platform

The companies said Thursday that Symbotic will develop "an advanced solution leveraging Symbotic’s A.I.-enabled robotics platform to offer Walmart customers greater shopping convenience through accelerated online pickup and delivery options at stores."

Assuming the project hits certain "performance criteria," Walmart will buy Symbotic's system for 400 "accelerated pickup and delivery centers" over the next several years.

“This is a highly strategic transaction for Symbotic as we expand upon our long-term relationship with Walmart and broaden our product offering beyond the traditional warehouse to eCommerce settings for last mile delivery,” Symbotic CEO Rick Cohen said.

The companies have worked together to automate parts of Walmart's robotics projects and supply chain since 2017, and expect Symbotic's acquisition of Walmart's robotics business to close in the second quarter of this year.

Walmart shares were down about 1% in 🐼Thursday morning trading.