Saturday, 18 November, 2017

SoftBank may not invest in Uber if deal not sweet enough

The ride-hailing startup said that it has reached an agreement for what could be a massive investment from SoftBank the Japanese conglomerate after months of speculation about a possible deal Uber confirms it's reached agreement with SoftBank for potential multi-billion dollar investment
Bennie Garza | 14 November, 2017, 12:59

Uber had said funds from SoftBank, subject to the closure of the deal, would help the US-based startup fuel investments in technology and expansion in its home market as well as other countries.

The Uber board first agreed more than a month ago to bring in SoftBank as an investor and board member, but negotiations have been slowed by ongoing fighting between Benchmark and Kalanick.

SoftBank will review the number of shares and share price before investing in Uber.

Over the weekend, Uber had confirmed that it has closed an investment deal with Softbank Group and Dragoneer Investment group.

Uber is now valued at around $68.5bn (£52.4bn), but reports suggest that the stock offers would be based on a lower valuation, making the total value of the multibillion-dollar deal unclear.

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.

The purchase of existing shares will be conducted through a tender-offer process, which could take at least a month to finalize.

SoftBank did not immediately respond to a request for comment.

Shweta Rajpal Kohli, a former Indian journalist who joined Uber past year, would join cloud-based software maker Salesforce.com Inc next month, the sources told Reuters.

A deal would be positive for Uber, which is looking ahead to the future in the wake of recent repeated scandals, among them workplace sexual harassment allegations. If the new deal is closed, the SoftBank-led consortium will own about 14 percent stake in the ride-sharing pioneer, now valued at around US$68 billion.

Interestingly, it has started talks with SoftBank for a potential investment that reports suggest could be worth as much as Dollars 10 billion.

The move was unveiled shortly after reports emerged that its former CEO Travis Kalanick and an influential investor had buried the hatchet, paving the ways for the acquisition.

The Softbank-led consortium's investment in Uber could be worth up to $10 billion, Reuters reported, citing two unnamed people familiar with the matter.

Currently Uber is valued at $68 billion.

Interestingly, Ola and Uber are locked in an intense battle for leadership in the Indian market.

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