07:23 AM EST, 01/16/2025 (MT Newswires) -- Symbotic ( SYM ) said Thursday that it has agreed to acquire Walmart's ( WMT ) advanced systems and robotics business for $200 million in cash at closing.

In addition, Walmart ( WMT ) has selected Symbotic ( SYM ) to develop, build, and deploy an advanced tool to automate Walmart's ( WMT ) accelerated online pickup and delivery, or APD, systems at its stores using Symbotic's ( SYM ) AI-enabled robotics platform, according to the statement.

Walmart ( WMT ) will fund the development program and has committed to purchasing 400 APD systems over a multi-year period, if certain performance criteria are achieved, with an option for additional orders in the coming years, Symbotic ( SYM ) said, adding Walmart ( WMT ) will pay a total of $520 million, including $230 million at closing.

Symbotic ( SYM ) said the acquisition, expected to close during its fiscal Q2, and the new agreements could increase its future backlog by over $5 billion. Total consideration for the acquisition includes the $200 million in cash and up to $350 million in additional payment in future periods depending on the number of APD systems ordered, the company added.

Shares of Symbotic ( SYM ) were up more than 15% in recent premarket activity Thursday.