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Uber confirms it’s reached agreement with SoftBank for potential multi-billion dollar investment

The bureaucracy’s performed! The long-anticipated SoftBank Group investment into Uber has been agreed upon, a spokesperson confirms to TechCrunch.

We’ve been equipped the next remark.

“We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment. We believe this agreement is a strong vote of confidence in Uber’s long-term potential. Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance.”

Uber has now not but elaborated on plans, however we’ve been instructed that it features a $1 billion investment within the corporate on the ultimate non-public valuation of just about $70 billion. A supply with wisdom of the deal instructed TechCrunch that the paperwork label this as an extension of its ultimate Series G spherical.

The staff led through SoftBank and Dragoneer Investment Group may be making plans to take a position a miles greater quantity through purchasing as much as $nine billion in Uber stocks from staff and different shareholders, bringing its general possession to a minimum of 14% of the corporate. These stocks are anticipated to be bought at a decrease valuation.

We’re instructed that the mushy be offering is slated to release November 28 and would proceed for about 20 industry days. This is perhaps the most important secondary transaction in historical past.

Technically, the deal will most effective be performed as soon as sufficient Uber shareholders signal as much as promote stocks. We’re instructed it’s not going to have an issue discovering dealers.


Featured Image: SAM YEH/AFP/Getty Images/Getty Images (IMAGE HAS BEEN MODIFIED)

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