Softbank to invest 460 million euros in Germany's Auto1

By Staff Reporter

Jan 14, 2018 09:37 PM EST

 Japan’s Softbank will invest 460 million euros ($561 million) in used-car dealing platform Auto1, marking the first investment in Germany by its Vision Fund, according to sources familiar with the matter.

Around half of the investment will be made via new shares, valuing Auto1 at 2.9 billion euros and supporting the auto trader’s international expansion, the sources said ahead of an announcement expected on Monday.

The Financial Times first reported the investment by the Softbank Vision Fund, which was set up by Japan’s Masayoshi Son and has raised more than $90 billion, chiefly from the sovereign wealth funds of Saudi Arabia and Abu Dhabi.

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