Softbank takes large stake in Uber

Softbank takes large stake in Uber

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

The Japanese investment giant led a consortium to take an $8 billion stake inside the taxi firm.

This particular will give Softbank roughly 15 per cent of the San Francisco-based company.

The deal, which includes additional investment, can be supposed to be closed in early 2018 along with will see the Japanese company take shares largely coming from early investors in Uber.

Uber can be valued at roughly $48 billion following the transaction.

In a statement the company said: “We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth along with strengthen our corporate governance.”

As part of the deal, the board at Uber board will expand coming from 11 to 17 directors.

The Softbank investor group will take two of the completely new seats.

completely new Uber chief executive Dara Khosrowshahi has said he hopes to see Uber float publicly in 2019.

Softbank takes large stake in Uber

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