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Photo by Dmitry Serebryakov/TASS via Getty Images

SoftBank Group is leading a large investment in parking startup ParkJockey, largely to finance planned acquisitions of parking lot operators Impark and Lanier, Axios has learned.

The big picture: ParkJockey's ambition is to displace garage operators by selling a technology-based alternative to the garage owners, according to a pitch deck from March. It then wants to sell space access to customers like ride-hail and car rental companies.

This strategy fits nicely with other trends SoftBank is betting on, including autonomous driving, ride-hailing, on-demand delivery services, and real estate.

  • Abu Dhabi's Mubadala and a lender are joining as part of a "consortium," possibly with more investors.
  • One source pegs puts the deal total at around $800 million, including debt financing, while another says it's $1 billion total with ParkJockey CEO Ari Ojalvo maintaining control.

The companies and investors declined to comment or did not respond.

Go deeper

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1pm the day after the article is transmitted.

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.