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.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.