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Softbank becomes largest shareholder in Uber
2018-01-19 17:24:00| Telecompaper Headlines
(Telecompaper) Softbank has become the largest stakeholder in Uber after cutting a deal that includes buying shares from existing Uber investors and employees, Reuters reported. The shares were bought by an investor group co-led by Softbank and Dragoneer and including Sequoia, at at discounted valuation of USD 48 billion, a 30 percent decline from Uber's most recent valuation of USD 68 billion. The secondary stock sales will be completed by the end of the day on 18 January, an Uber spokesperson said. The investor group also made a USD 1.25 billion investment at the higher valuation, the spokeperson added. The BBC reported that the deal was worth USD 9.3 billion, with Kalanick selling USD 1.4 billion worth of shares. The latest investment will mean governance changes at Uber, including the addition of new board members.
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Category:Telecommunications