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SoftBank's Tender Bid For Uber Massively Successful
29 December 2017, 12:40 | Cedric Leonard
Chris Jackson Getty
Uber said the investment would fuel its expansion and technology investments.
Uber's shareholders have agreed to sell a 20pc stake to an investor group led by SoftBank, according to The Wall Street Journal, crossing the threshold needed for the deal to complete. With this tender offer, Khosrowshahi was able convince some of the company's early powerbrokers, including venture capital firm Benchmark Capital, to whittle down their stakes in the company to bring on what he believes will be a stabilizing force in SoftBank.
Sources familiar with the matter told the publication that stakeholders are tendering 20 percent of the equity in the ride-hailing company. The WSJ's reporting suggests that SoftBank's successful offer valued Uber at $48 billion.
The deal nevertheless sharply discounts Uber's value, which previous year was estimated at nearly $70 billion. However, major Uber investors were reportedly kept "largely in the dark" during the negotiations about whether or not they will have an opportunity to offload shares.
The change is expected to reduce the influence of former chief executive Travis Kalanick, who was ousted from the top role in June but remains a board member.
"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", Rajeev Misra, chief executive of SoftBank Investment Advisers and a director at SoftBank Group Corp., said in a statement.
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