SoftBank investment deal in Uber likely to be finalised next week
Uber's board voted earlier in October to approve the Japanese tech conglomerate's cash infusion, which would add six more board seats and annul super-voting shares held by former CEO Travis Kalanick among others
Key highlights:
- SoftBank's multi-billion-dollar investment into ridesharing app Uber will be finalised "very likely in the next week"
- Uber's board voted earlier in October to approve the Japanese tech conglomerate's cash infusion
- Through its $93 billion Vision Fund, SoftBank plans to acquire between 14-20% of the world`s most valuable privately-held tech startup
SoftBank's multi-billion-dollar investment into ridesharing app Uber will be finalised "very likely in the next week" Uber board member Arianna Huffington has said.
Uber's board voted earlier in October to approve the Japanese tech conglomerate's cash infusion, which would add six more board seats and annul super-voting shares held by former CEO Travis Kalanick among others.
Through its $93 billion Vision Fund, SoftBank plans to acquire between 14-20% of the world`s most valuable privately-held tech startup, Recode quoted Huffington as saying at a media conference on Monday.
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.
Uber is still "waiting on what's going to transpire in terms of the price", said Huffington.
She added that having SoftBank "on your cap table is very important when they`re also investing in so many of our competitors around the world".
Implying that there could be more acquisitions in ridesharing, she said to "expect to see some consolidation."
Huffington also spoke about the difficult period Uber has faced in the past few months.
The company's work environment had come under fire, leading to the departure of several key executives, including co-founder and Chief Executive Officer Travis Kalanick.
She voiced optimism about Uber`s new leader, Dara Khosrowshahi. Calling him "unflappable," she said that there`s a renewed focus on image. His "goal is to get people to love the company and not just the product".
Huffington also said that Khosrowshahi has a greater focus on cost-cutting, in order to meet the goal of taking Uber public by 2019.
ALSO READ:
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
10:03 AM IST