In a process known as a tender offer, which allows outsiders to buy shares in a private company at a mutually agreed upon price, some Uber employees, executives and early investors sold off what amounted to a little more than a 17% stake in the company to a consortium of investors led by SoftBank, according to a source familiar with the transaction. Other investors including Dragoneer Investment Group scooped up the remaining 2%. 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".
Uber said: "We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth and strengthen our corporate governance". 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. He was replaced by former Expedia CEO Dara Khosrowshahi.
The investor group is also buying about $1.25bn worth of new shares at a price that values the firm at nearly $70bn, a significantly higher price that is similar to what Uber shares fetched in its last fundraising round. SoftBank itself will keep a 15% stake, while the rest of the consortium will own about 3%.
The Uber deal marks the latest massive investment by SoftBank's $93 billion Vision Fund.
Shoppers Take to the Mall to Spend Their Christmas Cash
Shibrina Johnson, 19, returned gifts for her parents to buy gifts for herself and two sisters. Shopping centers are crowded before the holidays but the day after is another ball game.
#EricaGarner: Erica Garner Suffered Brain Damage, Family Hopes For Recovery
Several friends and former colleagues from her more than 30 years in Atlanta TV called in to share their thoughts, per AJC.com . After their father's death, Emerald, the third oldest, created a fund through Indiegogo to raise money for the Garner siblings.
Chiefs announce Patrick Mahomes will start Sunday
Well, it took a bit longer than the other two first-round quarterbacks of the 2017 class, but Mahomes is finally making his debut. The Chiefs selected a former Texas Tech quarterback in the 2017 draft, and they plan to play him in the final week of the season.
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.
SoftBank's offer to purchase Uber shares from earlier investors and employees has succeeded. However some Uber investors were concerned the price SoftBank was offering was too low, according to Recode. Uber will add six directors and expand voting rights for its investors, and Benchmark will drop its lawsuit against embattled former Uber CEO Travis Kalanick.
Uber Technologies Inc said in September it was shutting down the auto-leasing business, which had heavy losses.
Uber hasn't had a great year.