Thursday, 18 January, 2018

Uber: Softbank takes large stake in ride-hailing firm

SoftBank buys large stake in Uber: WSJ SoftBank Succeeds in Tender Offer for Large Stake in Uber
Andy Castillo | 29 December, 2017, 02:24

The deal nevertheless sharply discounts Uber's value, which previous year was estimated at nearly $70 billion.

The Japanese telecommunications giant acquired about 15% of the company in the deal, which valued the the company at $48 billion and included an additional $1.25 billion to buy shares directly from the company.

In a process known as a tender offer, which allows outsiders to buy shares in a private company at a mutually agreed upon price, some Uber employees, executives and early investors sold off what amounted to a little more than a 17% stake in the company to a consortium of investors led by SoftBank, according to a source familiar with the transaction.

SoftBank is scooping up a large chunk of Uber's shares after it opened a tender offer, reports the Wall Street Journal.

Benchmark, in return, agreed to put on hold its lawsuit against Kalanick over his control of the three board seats, with plans to drop the case if and when the SoftBank deal closes.

SoftBank said it planned to close the deal next month. While a 30 percent discount is not unusual in a transaction like this, it does reflect some concerns about how the company can move forward after a year of upheavel that has not totally abated.

Tim Cook gets a 46 percent pay raise in 2017
Camera IconApple Chief Executive Tim Cook posed for a selfie with customers during the debut of the iPhone X at an Apple Store. Adding $89.2 million in equity award , Cook brought home a whopping $ 102 million in 2017, minus compensations.

The shake-up was supported by Uber's new chief executive Dara Khosrowshahi, who has said he hopes to list Uber's shares publicly in 2019.

FILE PHOTO: A fleet of Uber's Ford Fusion self driving cars are shown in Pittsburgh, Pennsylvania, U.S. September 13, 2016.

FILE PHOTO - The Uber logo is seen on a screen in Singapore August 4, 2017. Employees and investors allegedly tendered shares representing 20% of the company. We have tremendous confidence in Uber's leadership and employees and are excited to support Uber as it continues to reinvent how people and goods are transported around the world.

SoftBank founder Masayoshi Son has taken a keen interest in ride-hailing companies around the world and already has sizeable stakes in China's Didi, Brazil-based 99, India's Ola and Singapore Grab, all of which have competed with Uber.

Uber and SoftBank announced a deal Thursday allowing the Japanese tech titan to take a large stake in the USA ridesharing giant, making a hefty cut in the valuation of the biggest venture-backed startup.

The investment comes after a year of troubles for Uber, including a lawsuit by Alphabet Inc's self-driving vehicle unit Waymo, that alleges trade secrets theft, and federal investigations that include possible bribery of foreign officials in Asian countries and the use of software to evade regulators.

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