Walmart and Symbotic announced a deal Tuesday that would find the Massachusetts robotics firm taking control of the mega-retailer’s automation business.

Symbotic Inc. (NASDAQ:SYM) shares traded higher premarkets on Thursday after the company disclosed a deal to acquire Walmart Inc.‘s (NYSE:WMT) Advanced Systems and Robotics business. The acquisition’s total consideration is $200 million in cash and Symbotic will pay Walmart up to $350 million in additional contingent consideration in future periods dependent upon the quantity of APD systems ordered.

Technology company Symbotic has struck a deal to expand its partnership with Walmart, taking on a $520 million program to develop an automated delivery platform for Walmart stores while also agreeing to buy the retail giant’s advanced systems and robotics business.

Symbotic surged on Thursday after saying it has agreed to buy Walmart’s Advanced Systems and Robotics business for $200m.

AI-powered warehouse operator Symbotic (SYM) is set to acquire Walmart's (WMT) robotics business in a deal valued at over $500 million. Julie Hyman and Josh Lipton expand more upon the details of this deal and the value this poses for Symbotic as its stock climbs nearly 20% on the news.

Symbotic's shares jumped about 14% on Thursday after the automation firm said it would buy Walmart's robotics business for $200 million as part of an agreement to expand the retailer's automated supply chain.

Shares of Symbotic Inc. (Nasdaq: NASDAQ:SYM) soared 19% following news that the company will acquire Walmart (NYSE:WMT)'s Advanced Systems and Robotics business and sign a related commercial agreement.

Key Takeaways Symbotic and Walmart announced a pair of new deals Thursday that will see the robotics company and retail giant expand their partnership.Symbotic will buy Walmart's Advanced Systems and Robotics business for $200 million.