TOKYO -- The telecommunications subsidiary of Japan's SoftBank Group said on Tuesday that it will spend 473 million euros ($514 million) on a 51% stake in Irish startup Cubic Telecom, which provides services for internet-connected cars, as it accelerates further beyond its core business.
SoftBank Corp. plans to buy shares from Cubic's management team and employees as well as newly issued stock in a deal that values the European company at over 900 million euros. The transaction is expected to close by next June.
