SoftBank to invest in Uber
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.