2 big Uber investors agree to sell shares in SoftBank deal

At least two big Uber stakeholders have agreed to sell part of their shares to a group led by Japanese conglomerate SoftBank.

Written by Associated Press

Detroit

November 30, 2017 02:47 IST

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At least two big Uber stakeholders have agreed to sell part of their shares to a group led by Japanese conglomerate SoftBank. It’s a deal that lets investors cash out and could bring management stability to the troubled ride-hailing company. SoftBank said in a statement Wednesday that Benchmark Capital, Menlo Ventures and other early investors have confirmed intent to sell shares. SoftBank’s offer was expected to be based on a reduced valuation of Uber. The company had been valued at $68.5 billion in a previous stock sale. SoftBank and Dragoneer Investment Group want to buy at least 13.4 percent of Uber. They’re also sinking $1 billion into the company. Messages were left seeking comment from Uber, Benchmark and Menlo Ventures.

This article was first uploaded on November thirty, twenty seventeen, at forty-seven minutes past two in the night.