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Tue 13 Dec 2016 12:17 PM

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Apple in talks to invest $1bn in Saudi-backed SoftBank tech fund

SoftBank is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund (PIF) for an investment that could go up to $45 billion

Apple in talks to invest $1bn in Saudi-backed SoftBank tech fund
Apple has held talks to invest up to $1 billion in a new $100 billion tech fund being set up by Japans SoftBank Group Corp\n(Getty Images)

Apple has held talks to invest up to $1 billion in a new $100 billion tech fund being set up by Japan's SoftBank Group Corp, a source familiar with the matter told Reuters.

SoftBank is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund (PIF) for an investment that could go up to $45 billion.

SoftBank has said it plans to make future large-scale investments via the tech fund, rather than on its own.

Some of SoftBank's moves have caused concern among analysts, as the firm wrestles with a 13.7 trillion-yen ($119 billion) debt pile.

SoftBank and Apple were not immediately available for comment.

The Wall Street Journal first reported the news.

Through the investment, Apple would hope to gain insight on emerging technologies, the Journal said, adding that the status of the talks could not be learned.

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