SoftBank buys Uber shares at 30pc discount as investors cash out

Softbank buys stake in ride-hailing firm Uber Technologies

Softbank will limit its stake to 15 percent, valuing Uber at a 30 percent discount of its most recent valuation of almost $70 billion.

The price offered for the shares valued the firm at $48bn and was a discount to Uber's most recent fundraising round, but for some of the firm's earliest investors could provide a big payoff. Earlier reports have indicated that Dragoneer Investment Group and existing Uber backer General Atlantic may be among the interested parties.

Misra said in a statement that SoftBank has "tremendous confidence in Uber's leadership and employees". 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. As CNNMoney has previously reported, this latter investment was contingent on SoftBank getting enough Uber insiders to sell for it to gain a stake of at least 14%. He was replaced by former Expedia CEO Dara Khosrowshahi. Uber lost $1.46 billion in the third quarter this year, up from $1.06 billion in the previous quarter.

Japanese giant Softbank is set to take a large stake in Uber, expanding its holdings in transportation companies around the world.

Uber said it would use the investment "to support our technology investments, fuel our growth, and strengthen our corporate governance". Uber board members agreed in early November to governance changes to pave the way for the SoftBank deal. However some Uber investors were concerned the price SoftBank was offering was too low, according to Recode.

Kulbhushan Jadhav's Wife, Mother To Meet Him Today In Pakistan
India and Iran maintain that Jadhav was kidnapped from Iran where he had business interests after retiring from the Indian Navy. The two women looked visibly anxious and stressed before and after meeting Jadhav, and later returned to India by plane.

As part of the deal, Uber plans to add six directors, two of whom come from SoftBank, and expand voting rights for all investors.

SoftBank has previously pumped billions into several ride-hailing companies overseas, including Didi in China, Grab in Southeast Asia and 99 in Brazil.

Over the past year, a former employee's charges of endemic sexual harassment led to an internal review, London said it is stripping Uber of its license and Uber revealed it had covered up a major hack.

The moves come as Uber concludes a hard year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges.

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