GM buys US$2.1bn stake in Cruise from Softbank

General Motors buys Softbank Vision Fund’s stake in self-driving vehicle start-up Cruise LLC for US$2.1 billion. Softbank had pledged US$1.35 billion to invest in Cruise once the company deploys vehicles in a planned ride-sharing business. The deal consolidates GM’s ownership and control over Cruise, and reverses a capital diversification plan by former Cruise CEO Dan Ammann, who was fired in December last year after pushing for an initial public offering (IPO) GM on Friday said it would invest another $1.25 billion in Cruise, which makes up for Softbank’s initial US$900 million pledged to invest. The sale marks a nice return on a nearly-year investment. . . .