SoftBank Group Corp. refused to invest $100 million in the company Essential, developer of a smartphone based on Android, The Wall Street Journal reports with reference to its own sources.
Essential is headed by the creator of the Android operating system Andy Rubin. In January, a number of media reported that his company intends to create a smartphone that could compete in the market with the Apple's iPhone.
The reason of SoftBank's refusal to invest in Essential is a $100 billion investment fund Vision Fund, created recently by the Japanese company. The fact is that in January, Apple agreed to commit $1 billion to the fund, that put an end to the negotiations between SoftBank and Essential.