Sci-tech

Uber close to selling stake to SoftBank

Uber close to selling stake to SoftBank

SoftBank would also be investing $1 billion directly in Uber as an extension of the last Series G round, at its last private valuation of almost $70 billion.

"We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment", a company statement said in a statement Sunday evening.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it said.

The deal allows early investors such as Benchmark to sell at least some of their shares at a handsome profit.

Uber argued that once in the bag, the investment would help fuel its development in the tech sector and its continued expansion at home and overseas, "while strengthening our corporate governance". The company would potentially buy $9 billion worth of shares from existing shareholders at this price.

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SoftBank's agreement will also act as a peace deal among opposing sides on Uber's board, which includes founder Travis Kalanick, who resigned in June after months of scandals and controversy within the San Francisco-based company. Benchmark has also agreed to immediately suspend its lawsuit against Kalanick, which it filed in August.

Ride-sharing company Uber announced a deal to sell a stake to Japan's SoftBank as the firm looked to turn a new page ahead of its planned IPO in 2019.

Kalanick, who controls three of 11 seats on the Uber board, agreed to allow a majority of board members to vote on any future appointments he makes, according to the person.

Uber was close on Sunday to selling a large stake of itself to Japanese conglomerate SoftBank, officials familiar with the matter told The New York Times. But how about all the other cars that are more than a year old?

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