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SoftBank wants big stake in Uber, but at steep discount

SoftBank wants big stake in Uber, but at steep discount”

SoftBank Group is hashing out details of a deal that could see the aggressive tech-space investor pay almost 1 trillion yen ($9 billion) for a large stake in Uber Technologies.

- Japan's SoftBank is nearing a deal to invest up to $10 billion in USA ride-hailing firm Uber, the Wall Street Journal reported on September 14, citing people familiar with the matter. While the company's major shareholders are largely diversified in terms of their backgrounds, their board representatives are also relatively unified, save for the one which is now suing Uber's co-founder for fraud.

The company was last valued at $69 billion, but as per the WSJ report, Softbank is trying to convince shareholders to agree to an auction process that would price Uber shares at a discount and value the company at $50 billion.

"The round is significant, not only because of the deal size, but because the shares will likely be purchased at Uber's last private valuation of almost $70 billion", TechCrunch reports. Uber and SoftBank declined to comment. Uber is now under three federal investigations and is facing a high-profile and entirely public legal battle with Alphabet's Waymo over alleged trade secret theft which is moving to trial next month.

- Last month Son told investors SoftBank was "definitely very much interested" in the US ride-hailing market and would like to talk with both Uber and smaller rival Lyft.

As part of the offer, SoftBank is also seeking two board seats, adding to Uber's nine sitting directors, the report said. The company is now said to have already met with Lyft earlier this month, but their talks on a potential investment supposedly never left a highly informal stage for unknown reasons.



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