Softbank set to buy $10 billion stake of Uber

SoftBank to buy chunk of Uber

Uber said Sunday that it agreed to move forward on a proposed investment from SoftBank Group. By no means is our investment decided.

Crucially, Softbank expects to buy up others' Uber shares at a lower price than it will pay for its direct investment.

The Japanese group, founded by billionaire Masayoshi Son, expressed an interest several months ago in investing around $1 billion in Uber for a stake of at least 14 percent.

Uber needs as much cash as it can get its hands on until it goes public, and having a deep-pocketed investor like SoftBank helps in a big way.

Uber Technologies Inc. confirmed the investment in a statement Sunday without giving details. This is what we were provided with.

A spokesperson gave a statement to TechCrunch, "We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment".

Federal Bureau of Investigation stats show hate crimes up in Minn
Some civil rights groups caution that the FBI's annual figures are artificially low because they rely on voluntary reporting. There were 6,121 reported hate crimes in the USA in 2016, according to new Federal Bureau of Investigation statistics .

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

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".

Uber now is valued at $68.5 billion, but stock offers will be based on a lower valuation, so it's unknown just how much the multibillion-dollar deal will be worth, said the person, who spoke on condition of anonymity because details were not released.

This can bring stability to the world's most valuable startup (valued at almost $70 billion) after the downfall of its founder Travis Kalanick who resigned as CEO in June after allegations of sexual harassment, gender discrimination, and a toxic work environment.

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.

Related News:



Most liked

Tiffany Haddish addresses Hollywood sexual misconduct allegations in SNL opening monologue
The first black female stand-up comedian to host Saturday Night Live , Tiffany Haddish , also talked about Hollywood's sexual assault allegations.

Boris Johnson under renewed fire over Iran comments
On Saturday she was taken to Iranmehr hospital, Tehran, to see a specialist for an ultrasound on her breasts. Tory backbencher Anna Soubry said "in "normal" times Boris Johnson would have been sacked long ago".

Goodwin Lost Infant Daughter Hours Before 49ers Win
Goodwin scored a touchdown for the 49rs just hours later, blowing a kiss to the sky before collapsing in the end zone . Goodwin was one of three National Football League players who took a knee to protest during Veterans Day weekend.

The Dream Chaser Takes Flight and Seems to Ace Its Landing
Sierra Nevada's six-mission contract calls for Dream Chaser to start delivering cargo to the space station in 2019. The company promised to release more test flight details, images and video on Monday (Nov. 13).

Microsoft's Black Friday deals: Idol 4S for $169 & $150 off Galaxy S8/S8+
The Xbox One X console came out last week and now we have the estimated numbers it managed to sell in the United Kingdom market. Both of these will come bundled with a Black Type Cover that should make it an excellent option when it comes to productivity.

Sledgehammer Addresses Call of Duty: WW2 Multiplayer Issues
Until the Call of Duty: WWII servers are back online fully, you will be alone in Headquarters unless you invite friends. The double XP event that's been extended for one more day is now scheduled to end on November 14 at 10 a.m.

Qualcomm Rejects $130 Billion Broadcom Merger Proposal
Our scenario analysis examines Qualcomm earnings in various iPhone royalty scenarios with and without Huawei royalties. Qualcomm announced today it has rejected Broadcom's takeover bid, and for now, it will remain subsidiary to no one.

Missouri AG subpoenas Google in antitrust investigation
A Google spokesman said that the company had not yet received Missouri´s subpoena, but that it has "strong privacy protections in place for our users".

President Trump Strikes Back at 'Short and Fat' Kim Jong Un
And do not try us. "Every step you take down this dark path increases the peril you face". This isn't the first time Trump and Kim have traded barbs.

Sex not a risk factor for heart attack
Together, researchers suggest that CPR training is clearly warranted, but the worry that friskiness can halt a heart is not. In fact, the team discovered that only 0.7 of all sudden cardiac arrest (SCA) cases were related to sexual activity.

Texas College Apartment Party Causes Floor to Collapse
About 50 residents were also displaced as an investigation into the structural failure of the building was underway on Sunday. Cell phone video captured the moment the floor collapses under a group of college kids partying in Texas over the weekend.

Italy miss out on World Cup as Sweden qualify
After the match, their veteran 39-year-old goalkeeper Buffon confirmed his global retirement and also apologised for his team's failure.

Jordy Nelson Defends Packers Medical Staff After Martellus Bennett's Comments
The Packers had high hopes for Martellus Bennett , who signed a 3-year, $21 million contract with the team during the offseason. On Instagram, Bennett claimed that the Packers knew of his worsening shoulder injury but tried to get him to continue to play.

Forecast: Chilly Week Ahead With Some Rain
We will also stay dry for the rest of the week with the next best chance of rain on Saturday with a 50% chance. Monday will be wet, with showers expected most of the day by the National Weather Service .

Last day of Tiger… shoot for Salman, shares Race 3 1st look
It seems Salman Khan has moved onto the sets of Race 3 after wrapping up production for Tiger Zinda Hai . The first look from Race 3 shows him pointing a gun at anybody who tries to mess with him.