SoftBank buys Uber shares at 30pc discount as investors cash out

SoftBank buys Uber shares at 30pc discount as investors cash out

SoftBank buys Uber shares at 30pc discount as investors cash out

A former employee's charges of endemic sexual harassment led to an internal review, London has said it is stripping Uber of its license and recently Uber announced it had covered up a major hack.

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.

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.

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The price offered for the shares valued the firm at $48bn and was a discount to Uber's most recent fundraising round, but for some of the firm's earliest investors could provide a big payoff.

Early tender offers are often priced at a discount to normal valuations, as it provides the chance for early investors to cash out.

Japanese giant Softbank is set to take a large stake in Uber, expanding its holdings in transportation companies around the world.

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But for Uber's existing investors and the ego of founder Travis Kalanick, the deal has some very bad news.

Sources familiar with the matter told the publication that stakeholders are tendering 20 percent of the equity in the ride-hailing company.

Uber's legal tangles include a lawsuit by Alphabet Inc.'s self-driving vehicle unit Waymo that alleges trade-secrets theft and federal investigations that span possible bribery of foreign officials in Asian countries and the use of software to evade regulators. SoftBank will appoint Vision Fund head Rajeev Misra to the board, along with others associated with the massive fund, according to the report. SoftBank Vice Chairman Ron Fisher also has been under consideration for an Uber board seat, the Journal said.

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