“Japan’s SoftBank Group Corp. is poised to launch the world’s biggest technology fund as early as Saturday, capping months of arduous negotiations in which the tech giant haggled with the fund’s main Saudi investor over control of the money, investment strategy and questions about its commitment,” Mayumi Negishi and Nicolas Parasie report for The Wall Street Journal. “The birth of the Vision Fund, which is expected to start with just under $100 billion in investments and a 12-year term, ushers a huge, new force into a tech-investment world long dominated by Western bankers and Silicon Valley financiers.”
“The deal combines the deep pockets of a Saudi prince with one of the world’s most ambitious tech investors, a pairing that has drawn commitments from corporate giants such as Apple Inc. and Qualcomm Inc.,” Negishi and Parasie report. “The fund also has won SoftBank Chief Executive Masayoshi Son access to President Donald Trump, with Mr. Son’s promise to invest $50 billion to create 50,000 new U.S. jobs. The two are scheduled to meet in Riyadh this weekend during the president’s two-day trip to Saudi Arabia.”
Negishi and Parasie report, “But getting to this point took far longer than many people involved in the deal expected, with the process exposing the divergent objectives and outlooks of the two principal partners and how challenging it sometimes was for them to communicate, according to interviews with about a dozen people close to the talks.”
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MacDailyNews Take: Let’s get this show on the road!
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