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.
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(END) Dow Jones Newswires
March 18, 2022 16:52 ET (20:52 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.