General Motors is acquiring SoftBank Vision Fund's equity ownership stake in Cruise and plans to make an additional investment that will bring its share of the self-driving vehicle company to 80 percent.
The automaker is acquiring SoftBank's stake for $2.1 billion. The additional investment will be for $1.35 billion.
Honda Motor Co. is also a Cruise shareholder.
GM has been the majority owner of Cruise since 2016. Before the latest investments, GM owned 60 percent of the company. The investment further binds the two companies' operations as Cruise intends to launch a fleet of at least 1 million self-driving vehicles by 2030 and GM plans to introduce its first personal autonomous vehicle by mid-decade.
"We are extremely pleased to announce GM is leveraging the strength of its balance sheet to capitalize on the opportunity to increase its equity investment in Cruise and advance our integrated autonomous vehicle strategy," GM CEO Mary Barra said in a statement Friday. "We continue to believe our investment represents an extraordinary opportunity for creating long-term shareholder value."
The automaker's investment simplifies Cruise's shareholder structure and gives Cruise and GM more flexibility in commercializing AV technology, Barra said.