Nov 13, 2017

Uber set to sell $10bn stake to Softbank

Uber has struck a deal that could lead to a huge investment by a consortium led by Japanese conglomerate Softbank and San Francisco group Dragoneer. It could transform its corporate structure and see a share listing by 2019, if the deal goes ahead. "We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," Uber said. The Japanese telecommunications and technology giant, declined to comment on the potential investment when contacted by the BBC. However, Softbank chief executive Masayoshi Son said last week that "Whether we make an investment in Uber, or not, is not decided yet". Buying the existing shares would reportedly allow Softbank to take a 14% stake in Uber, while $1bn is said to have been set aside to buy new shares. SoftBank has not revealed how much of the money to be invested in Uber would come from its technology focused Vision Fund, which has more than $93bn at its disposal.

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