GM to buy Softbank’s stake in Cruise for $2.1 billion


General Motors Co. GM, +2.66% is making a bigger bet on its autonomous-driving unit Cruise, saying late Friday it was buying Softbank Vision Fund’s stake in the business. GM has agreed to buy the tech-heavy fund’s stake for $2.1 billion, GM said in a filing. GM will also make an additional $1.35 billion investment in Cruise in place of SoftBank, it said. The auto maker will own about 80% of Cruise after the deal goes through, and SoftBank will no longer have an ownership interest in or any rights to Cruise, GM said. Shares of GM were up 0.5% in the extended session Friday after ending the regular trading day up 2.7%. Cruise received a $2.25 billion investment from Softbank in 2018.

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