Economy

SoftBank Succeeds in Tender Offer for Large Stake in Uber

SoftBank Succeeds in Tender Offer for Large Stake in Uber

There are also plans to reduce the voting power of certain early investors such as Uber founder Travis Kalanick.

The development suggests many investors in Uber are now prepared to cash out, with SoftBank's offer being beneficial to anyone who backed the company in a period between 2010 and 2013. That's a roughly 30 percent discount over Uber's most recent valuation of close to $70 billion. SoftBank and its co-investors are acquiring some of the company at a valuation of $48 billion. If the deal is successful, SoftBank will buy another $1 billion worth of Uber shares at the company's prior $69 billion valuation, the spokesman said.

SoftBank Group Corp. has succeeded in its bid to buy a large stake in Uber Technologies Inc.at a steep discount, after the ride-hailing company's investors and employees tendered shares equal to about 20% of the company, people familiar with the matter said on Thursday.

The tender offer values Uber at $48bn (£36bn), nearly a third lower than its most recent valuation of $69bn.

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The deal is somewhat in flux. The deadline for the talks is noon PST today with an optional extension.

According to the report, SoftBank has acquired a stake of around 13-15% in Uber, which would indicate that it paid around $6.5 billion to acquire its position.

The Uber deal would mark the latest massive investment by SoftBank's $93 billion Vision Fund.

The investment is poised to trigger several major organizational changes at Uber that were contingent on securing SoftBank's funding.


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