SoftBank Group Corp. has succeeded in its bid to buy a large stake in Uber Technologies Inc.at a steep discount, after the ride-hailing company's investors and employees tendered shares equal to about 20% of the company, people familiar with the matter said on Thursday. SoftBank has access to all kinds of technology that could be relevant to Uber's self-driving auto plans via its other investments, and with its help, Uber will be better positioned to expand into Asia.
The completion of the deal is the first significant achievement for Uber's new CEO Dara Khosrowshahi, who took over in August after an ugly year at the company defined by sexual harassment and discrimination allegations, executive misbehavior, lawsuits, and plenty of finger-pointing within the company's board room.
Uber's shareholders have agreed to sell a 20pc stake to an investor group led by SoftBank, according to The Wall Street Journal, crossing the threshold needed for the deal to complete.
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She also told the Mirror: "With Harry frowning seriously beside her, Meghan suddenly sits looking rather small and childlike". Back in 2004, she drew criticism when she told a group of African-Americans at a diner in NY to " go back to the colonies ".
But for Uber's existing investors and the ego of founder Travis Kalanick, the deal has some very bad news.
The Uber transaction, which was months in the making, comes in two parts. That is a roughly 30% discount to its most recent valuation of almost $70 billion.
In November, Uber also came clean about its coverup of a year-old hacking attack that stole personal information about more than 57 million of its customers and drivers. The deadline for tender offers was 8pm (GMT). SoftBank will appoint Vision Fund head Rajeev Misra to the board, along with others associated with the massive fund, according to the report. Kalanick resigned from his post earlier this year after a number of scandals, but still maintains a seat on the company's board of directors, where he is surrounded by allies and controls 16 percent of the voting power.