SoftBank closes deal to acquire 15 percent of Uber; invests $9 billion in the ride-hailing app

Japanese technology conglomerate SoftBank says it has closed a deal to acquire 15 percent of Uber.

Representational image. Reuters.

Representational image. Reuters.

As part of the deal, investors led by SoftBank Group Corp. and Dragoneer Investment Group will sink about $9 billion into the ride-hailing company, including about $1.25 billion in new shares.

Uber is hoping the deal helps it move past recent internal strife and strengthens the position of CEO Dara Khosrowshahi. San Francisco-based Uber has been mired in controversy for an assortment of missteps in the past year, including allegations of sexual misconduct and charges that it deployed an espionage team to plunder trade secrets from its rivals.

The investment deal clears the way for Uber, among the most valuable tech firms in the world, to sell stock to the public in 2019.


Updated Date: Jan 19, 2018 07:13 AM