Saudi-backed Vision Fund pumps $560 mln in Germany’s auto broker

Saudi Arabia-backed Softbank Vision Fund will invest roughly $560 million in Germany-based used car broker Auto1, thereby acquiring a 20 percent stake into the firm, Financial Times reported.

Softbank Vision Fund is backed by Saudi Arabia's Public Investment Fund (PIF), Japan's SoftBank Group and UAE's Mubadala Investment Co., and is supported by tech giants Apple, Foxconnn, Qualcomm and Sharp.

Since its inception in May 2017, the fund has raised up to $98 billion, making it one of the largest technology investment funds ever. It announced plans to acquire minority and majority stakes in private and public firms focused on emerging technology to established entities.

The stake purchase will give the Vision Fund a 20 percent shareholding into the target business and a board seat.

In Saudi Arabia, the fund signed agreement with Saudi Electricity Co. in October 2017 to develop a new solar power plant, and announced a robotics-focused initiative to improve the use of robots in Saudi Arabia.