I suppose this is an attempt to move Softbank a bit further towards the desired goal of being the Berkshire Hathaway of tech. Softbank had previously hired its head of strategic finance from Fortress. Softbank already owns - among many other things - a stake in Alibaba and a majority stake in Sprint, as well as ARM Holdings.
Some of Son's $50 billion U.S. investment commitment could come from a giant tech fund backed by Saudi Arabia that SoftBank announced in October. As the telecoms services markets mature, Son wants to transform SoftBank into a company with cutting-edge tech investments, or what he calls the "Berkshire Hathaway of the tech industry".
SoftBank expects to invest over the next five years at least $25 billion in the $100 billion tech fund, which would be one of the world's largest private equity investors and a potential kingpin in the technology industry.
"We are preparing to launch a fund that would be far larger than all venture capitals combined," Son said on Wednesday, adding it will own 20 percent to 40 percent of the companies it invests as top shareholder. Son declined to give details about the fund's operations because of a "quiet period" ahead of the launch.
Apple Inc (AAPL.O) has revealed plans to invest $1 billion in the fund. Foxconn (2317.TW) of Taiwan, Oracle (ORCL.N) founder Larry Ellison's family office and chipmaker Qualcomm (QCOM.O) are said to be intending to invest in the fund.
Edited (apparently done) http://ift.tt/2lImHvM
“For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth."
Submitted February 14, 2017 at 06:14PM by dvdmovie1 http://ift.tt/2lIfrjH
