SoftBank touts first $1B investment as a part of pledge to Trump

SoftBank touts first $1B investment as a part of pledge to Trump
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SoftBank will invest $1 billion in One Web, a broadband access company based in Arlington, Va., as part of a pledge to President-elect Donald TrumpDonald John TrumpSasse: Trump shouldn't dignify Putin with Helsinki summit Top LGBT group projects message onto Presidential Palace in Helsinki ahead of Trump-Putin summit Hillary Clinton to Trump ahead of Putin summit: 'Do you know which team you play for?' MORE to invest $50 billion in American companies.

“Earlier this month I met with President-Elect Trump and shared my commitment to investing and creating jobs in the U.S. This is the first step in that commitment,” the Japanese tech giant’s CEO, Masayoshi Son, said in a statement.

Trump announced after meeting with Son earlier this month that SoftBank would invest $50 billion in U.S. businesses and create 50,000 new jobs domestically. The president-elect said Son made the pledge as a direct result of his presidential election victory.

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SoftBank expects the investment in One Web to create 3,000 new U.S. jobs within the next four years. The funding is intended to expand broadband access to schools, businesses and healthcare institutions.

Other investors including Qualcomm, Coca Cola and Airbus will also contribute toward a total investment of $1.2 billion.

The companies expect the transaction to be completed in the first quarter of 2017.