SoftBank Group Corp’s Vision Fund exited its bet on General Motors self-driving car subsidiary Cruise as the auto giant upped the ante, investing another $3.45bn in the loss-making unit.
GM said on Friday that it has agreed to pay $2.1bn to buy the SoftBank Vision Fund stake in Cruise, and to make a separate $1.35bn investment in the unit that SoftBank had committed to make in 2018.
Combined, the transactions will bring GM’s stake in Cruise to 80%, GM said. Other remaining shareholders in Cruise include Microsoft, Walmart and Honda Motor.
Read more: Reuters
