Published: Wed, November 15, 2017
Markets | By Noel Gibbs

Uber finally strikes a deal with SoftBank

Uber finally strikes a deal with SoftBank

Uber has confirmed the investment in a statement, yesterday without giving details. But if the share transfers and direct investment cannot help SoftBank gain ownership of at least 14% of the company, the Times reports, it could walk away from the deal.

In other words, the price has not been determined for the tender offer and SoftBank wants to make it clear that it's still negotiating.

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Softbank has made a series of technology investments in recent years, including the purchase of United Kingdom -based chip design company ARM Holdings for $32 billion in 2016 and the acquisition of a controlling stake in US telecoms company Sprint for $22 billion in 2016.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", Uber said in a statement. "Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance", said an Uber spokesman.

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For former Uber employees, the Softbank deal could enable them to turn their paper riches into potentially millions in cash, unleashing another horde of wealthy technology types on San Francisco.

A multibillion-dollar investment in Uber by Japanese tech giant SoftBank was set to be signed last night following weeks of delays, after former chief executive Travis Kalanick and a combatant shareholder made peace. Sources tell us that investor Benchmark Capital has agreed to drop the lawsuit against Kalanick if the SoftBank deal goes through.

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