Softbank expands holdings, buys stake in Uber

Published on : Friday, December 29, 2017

softSoftbank is set to take a large stake in ride hailing app Uber, expanding its holdings in transportation companies around the globe.

 

The Japanese investment giant, Softabank led a consortium to take an $8 billion stake in Uber.

 

It is all set to expand its holdings in transportation companies throughout the globe.

 

 

The deal includes an additional investment and is expected to be closed in early 2018.

 

 

It will see the Japanese company taking shares largely from early investors in Uber.

 

 

After the transaction Uber is valued at roughly $48 billion.

 

 

The  company mentioned that they were looking forward to working with the purchasers to close the overall transaction.

 

 

This will support their technology investments, fuel growth and strengthen our corporate governance.

 

 

The Uber board will expand from 11 to 17 directors and the Softbank investor group will take two of the new seats.

 

 

New Uber chief executive Dara Khosrowshahi wished to see Uber float publicly in 2019.

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