Softbank-backed venture Katerra to close - report

Tuesday, 01. June 2021 20:59

Construction startup Katerra, in which SoftBank Group Co. has a majority stake, is going to shut down, The Information reported on Tuesday, citing people familiar with the matter.

The venture is likely to "let go of thousands of employees" and walk away from "dozens" of agreed-upon construction projects, the outlet cited one of its sources.

In December, SoftBank invested $200 million in the startup, bailing it out of bankruptcy and obtaining the majority share in the firm.

Related Links: Softbank Group Corporation
Author:
Breaking the News / BU