Softbank To Buy Large Stake In Uber
Japanese Softbank is to buy a large stake in San Francisco-based ride-hailing company,Uber.
With this purchase, Softbank will be even more efficient in it efforts of increasing holdings in transportation businesses worldwide.
Softbank's stake in Uber will be around atleast $8bn capturing about15% stake in the uber.
The group will buy most of the shares from early investors. The deal will be signed early in the year.
Uber said it is happy with the inveatment and is now exlecting even bettet expansion and technological advancement.
After signing a deal, Uber's board will expand from 11 to 17 directors.
This deal has a strong support of Uber's new CEO Dara Khosrowshahi (who replaced Travis Kalanick). The new CEO has said in his statement that he hopes to list company's shares publically in 2019.