Staff report

SoftBank Group Corp, a Tokyo investment holding company, has been identified as the new owner of the former Lordstown GM auto assembly plant, Bloomberg News reported Friday.

Electronics giant Foxconn, which operates the facility, sold its ownership of land and equipment for $375 million to an “existing partner” in a deal announced Monday. Crescent Dune LLC, a little-known company, had been named as the buyer.

Bloomberg said SoftBank’s purchase was meant to bolster its Stargate program.

President Donald Trump introduced the $500 billion artificial intelligence initiative in January. SoftBank, working with OpenAI and Oracle Corp., said it would power the AI industry through data centers, electricity generation and other infrastructure, Bloomberg reported.

Foxconn said Monday it will remain at the plant and focus on AI data center development. Stargate would be a separate venture in addition to Foxconn’s efforts.

Reuters reported that Stargate is expected to create more than 100,000 jobs in the United States.

Neither company responded for comment, Bloomberg reported.