General Motors is acquiring SoftBank's stake in Cruise and pouring even more money into the self-driving unit it purchased in 2016. The auto giant has announced that it's buying out SoftBank Vision Fund 1's equity ownership into the company that's worth $2.1 billion. In addition, it has committed to investing an extra $1.35 billion in Cruise to replace the funding SoftBank promised in February after the self-driving car company started offering robotaxi rides in San Francisco. The automaker didn't say why it's buying SoftBank's equity ownership, but GM chief executive Mary Barra said: "Our increased investment position not only simplifies Cruise's shareholder structure, but also provides GM and Cruise maximum flexibility to pursue the most value-accretive path to commercializing and unlocking the full potential of AV technology." SoftBank, meanwhile, has recently struggled with debt and the plummeting value of its properties.

General Motors Co. bought out the SoftBank Vision Fund 1's stake in self-driving startup Cruise LLC for $2.1 billion, ending the Japanese investment firm's involvement in the business and giving the Detroit automaker 80% ownership. GM also said Friday it will invest another $1.35 billion in Cruise, which makes up for the amount that SoftBank had pledged to invest in the startup once the company deploys vehicles in a ride-sharing business, something it is preparing to do. The deal consolidates GM's ownership and control over Cruise, and reverses a capital diversification play by former Chief Executive Officer Dan Ammann, who was fired in December after pushing for an initial public offering. GM CEO Mary Barra and Cruise founder Kyle Vogt, who replaced Ammann as CEO, have said an IPO isn't in the offing at this time and likely won't be anytime soon. "Why not just go public? It's a major distraction, especially right now," Vogt said on Twitter after GM announced the deal.