GM Buys Out Softbank's Stake In Self-Driving Subsidiary Cruise Holdings For $2.1 Bln

(RTTNews) - General Motors Co. (GM) Friday announced that it acquired SoftBank Vision Fund L.P.'s stake in self-driving startup GM Cruise Holdings LLC, an indirect subsidiary of the Detroit automaker, for $2.1 billion.

GM also said it will make an additional $1.35 billion investment in Cruise in place of SoftBank.

This transactions will increase the Detroit automaker's ownership in Cruise to 80%. SoftBank will no longer have an ownership interest in or have any rights with respect to Cruise.

In 2018, SoftBank had announced plans to invest $2.25 billion in Cruise. The investment firm provided $900 million in up front payment and pledged to give another $1.35 billion once the business deploys vehicles in a ride-sharing business.