- November 10, 2020
- Posted by: Stratford Team
- Category: Tech
LONDON — SoftBank is considering moving its colossal Vision Fund from London to Abu Dhabi, according to a report from The Financial Times Tuesday, citing anonymous sources familiar with the matter.
The Japanese tech giant is said to have been “holding internal discussions” on the matter for several weeks. SoftBank declined to comment when contacted by CNBC.
The move would allow it to be closer to Abu Dhabi’s Mubadala sovereign investment fund, which has pumped $15 billion into the Vision Fund. It would also result in a lower tax bill.
SoftBank set up the Vision Fund in London’s Mayfair district in 2016, saying it would invest around $100 billion into technology companies worldwide. It announced a second $108 billion fund in 2019.
Companies such as Uber, Slack and Arm have all been backed by the Vision Fund. Berlin e-scooter start-up Tier became the latest bet on Tuesday as the Vision Fund led a $250 million round in the company.
Read the full story on The Financial Times here.