Japan's SoftBank bids to buy Uber shares — at 30 per cent discount

Purvai Dua

Source: @Photoshot

Planning to buy at least 14 per cent of the ride-sharing firm

SoftBank and a group of investors are planning to buy a stake in Uber at a steep discount from the company’s current valuation.

The Japanese giant and an investor coalition of Dragoneer Investment Group and General Atlantic, are reportedly offering to buy shares at a $48bn valuation, a 30 per cent discount from Uber’s current $69bn valuation, according to a report from Bloomberg.

SoftBank wants to acquire at least a 14 per cent stake in the ride-hailing company, which already passed a series of governance changes in October to help pave the way for the deal.

Locking in the investment has been a top priority for new Uber Chief Executive Officer Dara Khosrowshahi, who sees the deal as chance to close rifts and land a powerful new ally.

Uber has had an abysmal year, with its co-founder and former CEO resigning under pressure and the company admitting it concealed a hack that exposed personal data of 57 million customers and drivers.

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