Uber seals multi­bil­lion-dol­lar in­vest­ment from Softbank

Santa Fe New Mexican - - NATION & WORLD -

DETROIT — Ja­panese tech­nol­ogy con­glom­er­ate SoftBank has reached a deal with Uber to in­vest bil­lions in the ride-hail­ing gi­ant.

Uber Tech­nolo­gies Inc. con­firmed the in­vest­ment with­out giv­ing de­tails. But a per­son briefed on the deal told The As­so­ci­ated Press that SoftBank Group will buy about $1 bil­lion worth of new Uber stock, then will of­fer to pur­chase shares from in­vestors and Uber em­ploy­ees with the goal of reach­ing a 14 per­cent stake in the com­pany. Uber cur­rently is val­ued at $68.5 bil­lion, but stock of­fers will be based on a lower val­u­a­tion, so it’s un­known just how much the to­tal deal multi­bil­lion-dol­lar deal will be worth.

Uber’s state­ment said it reached an agree­ment with a con­sor­tium led by SoftBank and Dragoneer In­vest­ment Group.

The move clears the way for Uber, among the most valu­able tech firms in the world, to sell stock to the pub­lic. Under the deal, the ini­tial pub­lic of­fer­ing will take place be­fore the end of 2019.

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