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SoftBank Says Considering Investment in Uber but No Final Agreement Reached

SoftBank Says Considering Investment in Uber but No Final Agreement Reached

By Reuters | Updated: 14 November 2017 09:41 IST

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Japan's SoftBank Group Corp said on Tuesday it was considering investing in Uber Technologies Inc but there was no final agreement at this stage.

"If conditions on share price and a minimum of shares are not satisfactory for the SoftBank Group side, there is a possibility the SoftBank Group may not make an investment," it said in a statement.

Uber said this week that a planned deal with SoftBank and Dragoneer Investment Group was moving forward. The investment could be worth up to $10 billion (roughly Rs. 65,336 crores), two people familiar with the matter have said..

SoftBank and Dragoneer are leading a consortium that plans to invest $1 billion (roughly Rs. 6,533 crores) to $1.25 billion (roughly Rs. 8,167 crores) in Uber, the mostly highly valued venture-backed company in the world, along with a purchase of up to 17 percent of existing shares in a secondary transaction.

Progress in the negotiations came after venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and former Chief Executive Travis Kalanick struck a peace deal, reaching agreement over terms of the planned SoftBank investment.

The Japanese tech and telecoms firm has become a prolific investor in ride sharing firms such China's Didi and India's Ola as it works to achieve SoftBank founder Masayoshi Son's vision of a future driven by artificial intelligence and interconnected devices.

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Further reading: SoftBank, Uber, SoftBank Uber Deal, Apps