SAN FRANCISCO (Reuters) - Japan’s SoftBank Group Corp is offering to purchase shares of Uber Technologies Inc at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday. The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei KatoThe investment, which has been approved by the Uber board, would give the Japanese investor up to 17 percent of the ride services company. The offer comes as Uber is trying to improve corporate governance and cut the influence of former Chief Executive Travis Kalanick. A second person said the offer price was in line with what investors had been expecting. SoftBank is also expected to make a separate $1 billion investment in the company at the $68.5 billion valuation. SoftBank is making the tender offer on Monday, the sources said. Even at the discounted price, Uber is one of the world’s most valuable companies, and the offer is a chance for early investors to lock in substantial profits. Bloomberg reported the offer price earlier on Monday.
This story has not been edited by Firstpost staff and is generated by auto-feed.
Your guide to the latest cricket World Cup stories, analysis, reports, opinions, live updates and scores on https://www.firstpost.com/firstcricket/series/icc-cricket-world-cup-2019.html. Follow us on Twitter and Instagram or like our Facebook page for updates throughout the ongoing event in England and Wales.
Updated Date: Nov 28, 2017 01:12:25 IST