News Worms
News Worms

Softbank says there's a 'possibility' it won't invest in Uber

Softbank says there's a 'possibility' it won't invest in Uber

Uber Technologies Inc's warring board members have struck a peace deal that allows a multibillion-dollar investment by SoftBank Group Corp to proceed, and which would resolve a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.

"We've entered into an agreement with a consortium led by SoftBank and Dragoneer (Investment Group) on a potential investment", an Uber spokesman said.

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

SoftBank - along with Dragoneer Investment Group, General Atlantic and Chinese ride-sharing giant Didi Chuxing - will directly invest US$1 billion into Uber. At present Uber is valued at $68.5 billion. SoftBank will gain two Uber board seats as part of the investment.

Uber hired a law firm this year to investigate how the firm managed to obtain the medical records of the rape victim, an incident that led to criticism of the culture at the U.S. firm, sources told Reuters in June. The secondary transaction, or the purchases from employees and existing investors, would be at a lower valuation.

Technically, the deal will only be done once enough Uber shareholders sign up to sell shares. SoftBank's roughly $1-billion investment of fresh funding is expected to be at the same valuation.

"By no means is our investment decided". "We are interested in Uber, but the final deal will depend on the tender price and a minimum percentage shareholding for SoftBank", he said in a statement.

Confirming the development, an Uber spokesperson said: "Shweta has been a great advocate for Uber and the development of ridesharing in India". Benchmark and others ultimately agreed to waive those rights in exchange for concessions from SoftBank over the tender offer process, the people said. The transport technology and its drivers suffered the loss of license to operate until the end of the month.

Kohli had joined Uber India in September past year and was responsible for the company's relations with policymakers, regulators, government officials, industry bodies and others.

Transport for London said Uber would be allowed to continue to operate while the appeals process was exhausted.

Uber has since fired back by declaring to challenge London's transport regulator.


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