Uber gives the green light for sale of stake to SoftBank

Share

Uber said on Monday it had agreed with a consortium led by SoftBank and Dragoneer Investment Group on a potential investment.

In a separate statement, Uber said if conditions on share price and minimum shares are not "satisfactory" for the SoftBank group, "there is a possibility" that it may not make an investment.

Uber hasn't disclosed exactly how much SoftBank will invest, but Reuters reports that Uber will receive $1 billion (£765 million) in funding and SoftBank will purchase $9 billion (£6.8 billion) of existing shares. The statement added that it has entered into a potential investment deal and that it will use the funds to fuel its investments in technology, expansion in the USA and overseas, and will allow Uber to strengthen its corporate governance. The agreement will not only give SoftBank a major stake in Uber - it is looking to buy up at least 14 per cent of the company - but it will help put a rest to one of the many ongoing battles for new CEO Dara Khosrowshahi. "Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

Rally Protesting Meek Mill's Prison Sentence to Be Held in Philadelphia
Judge Genece Brinkley is the focus of an Federal Bureau of Investigation probe, the New York Post reported Monday (Nov. 13). Brinkley then told Meek: "I gave you break after break and you basically just thumbed your nose at this court".

Kohli had joined Uber India in September previous year and was responsible for the company's relations with policymakers, regulators, government officials, industry bodies and others.

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

A spokeswoman for Benchmark did not immediately respond to Reuters' request for comment, while a spokesman for Kalanick declined to comment. In return, Kalanick will allow board directors to vote on his selected board appointees in the future, according to the Wall Street Journal.

Rand Paul returns to Senate after injuries, says 'no justification' for attack
Paul returned to the Senate Monday afternoon as Republicans began marking up their tax plan in the finance committee. Paul was violently tackled while mowing the lawn at his Bowling Green, Kentucky home on November 3.

Uber will reportedly enact corporate governance changes that its board approved last month.

Venture capital firm Benchmark, an early investor with a board seat in Uber, and Kalanick have reached an agreement over terms of the SoftBank investment, which could be worth up to $10 billion. No worries. There are plenty of vehicle safety features that are available, affordably, for ALL cars, not just new ones.

Trump offers to mediate in South China Sea dispute
The Asean summit opens on Monday under extra-tight security at a theatre and convention complex by Manila Bay. The media was ushered out of the venue before they could hear the response of the Australian Prime Minister.

Share