SoftBank to in­vest in Uber

Sun Sentinel Broward Edition - - MARKETS -

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

Uber Tech­nolo­gies con­firmed the in­vest­ment in a state­ment Sun­day with­out giv­ing de­tails.

But a per­son briefed on the deal said 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 will be worth, said the per­son, who spoke on con­di­tion of anonymity be­cause de­tails were not re­leased.


SoftBank Group, led by CEO Masayoshi Son, aims for a 14 per­cent stake in Uber, ac­cord­ing to one in­sider.

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