Monday, 22 January, 2018

Uber valued at $48bn after consortium secures shares deal

The Verge The Verge
Lindsey Cook | 29 December, 2017, 01:49

Softbank will limit its stake to 15 percent, valuing Uber at a 30 percent discount of its most recent valuation of almost $70 billion. Early investors like Benchmark Capital and Menlo are understood to be the ones that are selling the largest amount of Uber shares as part of SoftBank's offer and will see a return of approximately 3,600 times their investment. He continued: "We have tremendous confidence in Uber's leadership and employees and are excited to support Uber as it continues to reinvent how people and goods are transported around the world".

The Journal further reports that SoftBank will receive two seats on Uber's board of directors. But SoftBank CEO Masayoshi Son had repeatedly teased the possibility - some might say threat - of investing in Lyft instead, including as recently as last month.

Khosrowshahi, who took the top job in August after Travis Kalanick was forced to step down in June, helped negotiate the deal. Uber lost $1.46 billion in the third quarter this year, up from $1.06 billion in the previous quarter.

Softbank led a consortium that reportedly agreed to invest at least $8bn for a roughly 15% stake in the San Francisco-based ride-hailing company.

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Rajeev Misra, CEO of SoftBank Investment Advisers, said the firm was "appreciative of the support from Uber's shareholders in the successful tender offer".

As part of the deal, Uber's board will expand from 11 members to 17 members.

Ride-hailing company Uber is working on a deal to sell its US auto-leasing business Xchange Leasing to startup digital vehicle marketplace Fair, according to a person familiar with the matter. And the Uber deal will add to worries in Silicon Valley that the Japanese conglomerate can make similar demands on other investments.

Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported. The company still faces numerous legal challenges, including a massive trade secrets lawsuit with Alphabet's self-driving auto unit Waymo and multiple government investigations into potentially illegal business practices.

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