logo
  

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

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Communications Commission or FCC has granted SpaceX Services, Inc. authorization to use its Starlink satellite internet system on vehicles in motion. SpaceX, owned by Elon Musk, is allowed to operate consumer and enterprise Ku-band Earth Stations in Motion or ESIM using frequencies allocated to the fixed satellite service. The approval would help the company to expand its services to Loud Muscle Science, LLC is recalling certain Launch Sequence products in the United States and Canada citing the presence of undeclared Tadalafil, the U.S. Food and Drug Administration said. These tainted Launch Sequence Capsule products are marketed as dietary supplements for male sexual enhancement. The U.S. Food and Drug Administration announced the intended availability of around 17 million bottles equivalent of general infant formula to be imported from New Zealand and Ireland. Under the FDA's enforcement discretion to source more infant formula to the U.S., French food company Danone SA will send 555,000 cans Aptamil Gold Plus from New Zealand.
Follow RTT