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Sunday, 21 May 2017

SoftBank Closes Funding For Record $93 Billion Investment Fund - Bloomberg

SoftBank Closes Funding For Record $93 Billion Investment Fund - Bloomberg:

"SoftBank Group Corp. and Saudi Arabia formally announced the first round of capital commitments for the largest-ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups.

More than $93 billion has been secured from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund, SoftBank said in a statement Saturday. Abu Dhabi’s Mubadala Investment Co., Apple Inc., Qualcomm Inc., Foxconn Technology Group and Sharp Corp. are also investing, and SoftBank aims to reach $100 billion with a final close within six months. Mubadala committed $15 billion, according to a separate statement.

The Vision Fund will allow the billionaire Son to cut even more ambitious deals than he’s been able to do with his highly leveraged company. He has used money from his domestic telecom operations to pay for investments in startups in China, India and the U.S. and for acquisitions of larger companies such as U.K. chipmaker ARM Holdings Plc and U.S. wireless operator Sprint Corp. Now he sees richer opportunities than ever before in areas like artificial intelligence and the Internet of Things.


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