March 18, 2022
(Reuters) – General Motors said on Friday it had entered into a deal with SoftBank Vision Fund and certain of its affiliates to acquire the fund’s ownership stake in GM Cruise Holdings LLC for $2.1 billion.
The company said it will make an additional investment of $1.35 billion in Cruise, a self-driving technology company.
Following the deal, GM will own about 80% in Cruise, a subsidiary of the automaker, leaving SoftBank with no ownership interest or rights, it said in a securities filing.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Shailesh Kuber)