SoftBank to buy chunk of Uber

SoftBank to buy chunk of Uber

Taxi-hailing company Uber has said it's struck a deal that may eventually lead to a massive investment in the company by a consortium led by Japanese conglomerate SoftBank and Dragoneer of San Francisco.

A spokesperson gave a statement to TechCrunch, "We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment".

Softbank is reportedly investing at a valuation of around $68 billion, while the purchase of existing shares will be done...

Uber said the investment would be used to fuel the firm's expansion and power further investments in new technology.

Uber's spokesman indicated that if the deal is completed, the money will be used to expand the business further as the competition at home and overseas is increasing.

In a statement, Uber said that the deal is a vote of confidence in the company's potential and "will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

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SoftBank did not immediately respond to Ars' request for comment.

Notably, Benchmark, a venture capital firm that had sued former CEO Travis Kalanick won't pursue its lawsuit for now so that the SoftBank deal can go forward, per the Wall Street Journal.

The latter filed a lawsuit against Kalanick, accusing him of fraud, breach of contract and of plotting to manipulate the board of directors to allow him to return as CEO following his resignation in June.

Although Kalanick quit as Uber chief exec, he remains on the board, having previously created the seat he now occupies.

SoftBank, which owns shares in other ride-hailing companies outside the United States, will receive two seats on Uber's board once the offer is complete, according to the New York Times. But how about all the other cars that are more than a year old?

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