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GM Acquires SoftBank Vision Funds' Stake in Driverless-Car Unit Cruise For $2.1 Billion

By Denny Jacob

 

General Motors Co. is buying out SoftBank Vision Fund LP's stake in driverless-car unit Cruise for $2.1 billion.

GM said Friday it entered a share-purchase agreement with SoftBank Vision Fund and some of its affiliates.

The Detroit-based auto maker said it will make an additional $1.35 billion investment in Cruise in place of SoftBank.

GM's ownership position in GM Cruise Holdings LLC will be about 80% and SoftBank will no longer have an ownership interest in or any rights with respect to Cruise upon completion of the transaction, according to public filings.

In 2018, SoftBank bought a 19.6% stake in GM Cruise Holdings, then a newly formed entity primarily made up of Cruise Automation, the driverless-car developer that GM acquired in early 2016.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

March 18, 2022 16:52 ET (20:52 GMT)

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