Japan's SoftBank Will Buy 15 Percent Stake in Uber
29 Декабря, 2017, 00:42 | Author: Darnell Patrick
Sources familiar with the matter told the publication that stakeholders are tendering 20 percent of the equity in the ride-hailing company. Last month, Uber disclosed that it had covered up a security breach that had compromised the personal data of 57 million rider and driver accounts, and SoftBank was able to talk down the price of its investment.
The completion of the deal is the first significant achievement for Uber's new CEO Dara Khosrowshahi, who took over in August after an ugly year at the company defined by sexual harassment and discrimination allegations, executive misbehavior, lawsuits, and plenty of finger-pointing within the company's board room. Also, SoftBank holds investments in multiple Uber competitors, so it will be interesting to see how this all shakes out.
The deal is expected to close at the beginning of 2018.
The moves come as Uber concludes a hard year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges.
Uber's board of directors, which had devolved into a power struggle between Uber's former CEO, Travis Kalanick, and its largest investor, Benchmark, will now likely be calmer.
Uber's shareholders have agreed to sell a 20pc stake to an investor group led by SoftBank, according to The Wall Street Journal, crossing the threshold needed for the deal to complete. It also continues to experience steep losses. The companies said they would issue a statement on the outcome of the tender offer.
Dragoneer Investment Group and China's Tencent Holdings are also reportedly part of the consortium.
The investor group is also buying about $1.25bn worth of new shares at a price that values the firm at nearly $70bn, a significantly higher price that is similar to what Uber shares fetched in its last fundraising round. That is a roughly 30% discount to its most recent valuation of almost $70 billion.
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