President-Elect Donald Trump said that Tokyo-based SoftBank plans to invest $50 billion in the U.S., creating 50,000 new jobs.
Trump announced the agreement after meeting with SoftBank CEO Masayoshi Son at Trump Tower in New York on Tuesday, CNBC reported.
Son, a billionaire and technology investor, talked to reporters after the meeting. He said that the $50 billion will come from a $100 billion international investment fund created in partnership with the Saudi Arabia sovereign-wealth fund and other investors, The Wall Street Journal reported.
The $100-billion SoftBank Vision Fund was announced by SoftBank in October. The fund did not disclose details about its plans.
On Twitter, Trump said that Son “would never do this” if Trump had not won the presidential election.
Talking to reporters in New York, Son said he likes Trump “very much.”
No details were provided about investments SoftBank would make. However, Son suggested that his company would target the technology sector.
SoftBank is a largest shareholder of Sprint. The firm owns about 80% stake in the telecom company. Shares of Sprint and T-Mobile rose after the announcement. Previously, Son expressed interest in combining the companies.
Son showed reporters a Power Point slide showing details of the deal. The slide also feature the logo of Foxconn, which is a supplier for Apple’s iPhones. It’s not clear what role Foxconn would play in the deal.
Trump has told Apple CEO Tim Cook that he wants the iPhone maker to “build a big plant in the United States, or many big plants in the United States.”
“I do believe that some manufacturing may come back to the United States, primarily because of the fact that president-elect Donald Trump is going to twist Apple’s arm,” BGC Partners analyst Colin Gillis told CNBC’s “Power Lunch” on Tuesday. “And there’s been reports that Foxconn is reviewing being able to assemble plants, and it would be a good thing.”