SoftBank Corp buys $514 million majority stake in car software firm Cubic Telecom
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SoftBank Corp will invest roughly 473 million euros ($514 million) to take a 51% equity stake in Cubic Telecom that will give the Dublin-based connected-vehicle technology provider greater access to Asian automakers.
Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
05 Dec 2023
The Japanese telecommunications arm of tech investment giant SoftBank Group and Cubic «will form a strategic global partnership to pioneer the future of software-defined connected vehicles», the two companies said on Tuesday.
The deal gives Cubic a valuation of over 900 million euros.
«In line with our 'Beyond Japan' strategic growth initiative, we are extremely pleased to be teaming up with Cubic Telecom to make a full-fledged entry into the fast-growing market for… connectivity,» SoftBank Corp CEO Junichi Miyakawa said in a statement.
Barry Napier will remain as CEO and a board member of Cubic Telecom after the investment closes.
SoftBank will gain three seats on the board, while three more seats will continue be held by existing shareholders, including Volkswagen software unit Cariad and Qualcomm.
More cars are becoming connected
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