Japan's SoftBank may secure stake in Uber

Lester Mason
November 14, 2017

Ride hailing firm Uber has clinched a deal with Japan's SoftBank and San Francisco's Dragoneer on an investment that could lead the way to its stock market flotation in 2019.

Kohli had joined Uber India in September previous year and was responsible for the company's relations with policymakers, regulators, government officials, industry bodies and others.

Uber Technologies has chose to accept the investment proposal led by Japanese tech conglomerate SoftBank to pick up majority stake, bringing months-long negotiations to a close, according to latest news reports.

Uber has struck a multi-billion dollar deal led by investment companies Softbank and Dragoneer. "We believe this agreement is a strong vote of confidence in Uber's long-term potential".

Uber had said funds from SoftBank, subject to the closure of the deal, would help the US-based startup fuel investments in technology and expansion in its home market as well as other countries. Uber shared a statement with MediaNama, but it did not disclose any details.

Misra noted that Uber and its shareholders had agreed to commence with a tender process and engage with SoftBank after a "long and arduous process of several months". During that process, a price will be set for the stocks to be sold, the New York Times reported.

A spokeswoman for Benchmark did not immediately respond to Reuters' request for comment, while a spokesman for Kalanick declined to comment.

The move was unveiled shortly after reports emerged that its former CEO Travis Kalanick and an influential investor had buried the hatchet, paving the ways for the acquisition.

"If conditions on share price and a minimum of shares are not satisfactory for the SoftBank Group side, there is a possibility the SoftBank Group may not make an investment", Softbank added. The investment firm, which owns 13 per cent of the company, sued the former CEO for fraud, breach of contract, and breach of fiduciary duty in an effort to limit his influence on the ride-sharing service.

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Other reports by Iphone Fresh

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