SoftBank succeeds in tender offer for big stake in Uber
29 December, 2017, 01:49 | Author: Martin Tyler
Uber's shareholders have agreed to sell a 20pc stake to an investor group led by SoftBank, according to The Wall Street Journal, crossing the threshold needed for the deal to complete.
The SoftBank deal triggers new governance terms at Uber that were approved by the company's board in October, though. With this tender offer, Khosrowshahi was able convince some of the company's early powerbrokers, including venture capital firm Benchmark Capital, to whittle down their stakes in the company to bring on what he believes will be a stabilizing force in SoftBank. It marks the first significant piece of business for new CEO Dara Khosrowshahi, who is now preparing the embattled ride-hailing company to go public by 2019. SoftBank will occupy two seats on the company's board and will now be an extremely influential player in decisions at Uber.
SoftBank's investment consortium also includes Dragoneer Investment Group and Tencent Holdings.
The tender offer values Uber at $48bn (£36bn), nearly a third lower than its most recent valuation of $69bn.
"We have tremendous confidence in Uber's leadership and employees and are excited to support Uber".
Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported. In an earlier reportin August, the paper said Uber was losing roughly $9,000 a vehicle, 18 times more than previously believed.
Uber hasn't had a great year.
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