(Reuters) — Apple confirmed its plans to invest $1 billion in a tech fund being set up by Japan’s SoftBank Group, the Wall Street Journal reported on Wednesday.
“We believe their new fund will speed the development of technologies which may be strategically important to Apple,” the Journal quoted Apple spokeswoman Kristin Huguet as saying.
SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia’s Public Investment Fund for an investment that could go up to $45 billion.
SoftBank has also said that it plans to make future large-scale investments via the tech fund, rather than on its own.
Reuters reported in December, citing sources familiar with the matter, that Apple had held talks with SoftBank about the investment.
Apple and SoftBank did not immediately respond to requests for comment.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)