https://www.oann.com/gm-buys-softbank-vision-funds-stake-in-cruise-for-2-1-billion/?utm_source=rss&utm_medium=rss&utm_campaign=gm-buys-softbank-vision-funds-stake-in-cruise-for-2-1-billion

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook

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)

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