Dec 28, 2017

Japan's Softbank takes large stake in Uber

Japanese giant Softbank is set to take a large stake in Uber, expanding its holdings in transportation companies around the world. Uber said the investment would fuel its expansion and technology investments. Uber said: "We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth and strengthen our corporate governance." 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. The investor group is also buying about $1.25bn worth of new shares at a price that values the firm at almost $70bn, a significantly higher price that is similar to what Uber shares fetched in its last fundraising round.

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