Science

Softbank closes in on Uber investment

Softbank closes in on Uber investment”

Uber's existing talks with SoftBank are now exclusively focused on setting the exact price the Vision Fund will pay for a stake in the San Francisco, California-based company, Ms. Huffington confirmed, with previous reports indicating that SoftBank could be required to pay as much as $10 billion for a fifth of the startup.

According to Arianna Huffington, an Uber board member, said on Monday during an interview, at The Wall Street Journal's WSJD.Live technology conference, the deal between Uber and Softbank is "very likely".

Uber's board voted earlier this month on an overhaul of its company structure that would allow the Japanese conglomerate to make an investment in the ride-hailing startup reportedly in the $1 billion range.

Recode reported earlier tonight that the deal was close to being struck.

She confirmed reports that the proposed deal would involve both a direct investment in the company at the last private valuation and also a secondary transaction, buying out existing shareholders at a yet-to-be-determined discount, TechCrunch reported.

Huffington did also speak about Uber's current state and the issues that rose up from during aftermath of former CEO, Travis Kalanick. SoftBank is said to be looking at acquiring at least 14% of Uber, though that percentage may go up if the price is right.

Uber is still "waiting on what's going to transpire in terms of the price", said Huffington.

Huffington also spoke about the hard period Uber has faced in the past few months.

She voiced optimism about Uber's new leader, Dara Khosrowshahi. An interesting tidbit also thrown in by Huffington is that she expects consolidation in the global ride-hailing business.

"There is more sexist behavior when people are burnt out", she said, although it was not clear if she meant that napping more would stop men from behaving badly.



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