At least two big Uber stakeholders have agreed to sell part of their private shares to a group led by Japanese technology conglomerate SoftBank in a deal that would let investors cash out and could bring management stability to the troubled ride-hailing company.
At least two big Uber stakeholders have agreed to sell part of their private shares to a group led by Japanese technology conglomerate SoftBank in a deal that would let investors cash out and could bring management stability to the troubled ride-hailing company.
SoftBank said in a statement Wednesday that Benchmark Capital, Menlo Ventures and other early investors have confirmed intent to sell shares in the company. SoftBank’s offer was expected to be based on a reduced valuation of Uber. The company had been valued at $68.5 billion in a previous stock sale.
The group led by SoftBank and Dragoneer Investment Group wants to buy at least 13.4% of Uber shares.
Under an investment deal, the SoftBank group also is buying about $1 billion worth of new Uber stock, injecting cash into the money-losing company.
Interest by Benchmark and Menlo Ventures is a sign that the deal is moving forward. Investors have 20 days to decide whether to take the offers.
The deal reduces the influence of ousted Chief Executive Travis Kalanick and clears the way for Uber, which is among the most valuable tech firms in the world, to sell stock to the public.
