Uber on Sunday approved SoftBank's offer to invest billions in the ride-hailing company, Bloomberg reported. The Japanese conglomerate will lead a consortium of investors to buy at least 14 percent of Uber. SoftBank reportedly plans to buy about $1 billion of fresh Uber stock at the ride-hailing service's current valuation of about $68.5 billion, and purchase about $9 billion worth of existing shares from current Uber shareholders.
The deal is expected to pave the way for sweeping governance changes at Uber, which has shaken up its leadership following complaints about sexual harassment and a toxic corporate culture, and a move to take the company public by 2019.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
News organizations reject Pentagon restrictionsSpeed Read The proposed policy is Defense Secretary Pete Hegseth’s latest move to limit press access at the Pentagon
-
Trump declares end to Gaza war, ‘dawn’ of new MideastSpeed Read Hamas freed the final 20 living Israeli hostages and Israel released thousands of Palestinian detainees
-
Sanae Takaichi: Japan’s Iron Lady set to be the country’s first woman prime ministerIn the Spotlight Takaichi is a member of Japan’s conservative, nationalist Liberal Democratic Party
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
