Softbank takes large stake in Uber
Softbank is set to take a large stake in ride hailing app Uber, expanding its holdings in transportation companies around the globe.
The Japanese investment giant led a consortium to take an $8 billion stake in the taxi firm.
This will give Softbank roughly 15 per cent of the San Francisco-based company.
The deal, which includes additional investment, is expected to be closed in early 2018 and will see the Japanese company take shares largely from early investors in Uber.
Uber is valued at roughly $48 billion following the transaction.
In a statement the company said: “We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth and strengthen our corporate governance.”
As part of the deal, the board at Uber board will expand from 11 to 17 directors.
The Softbank investor group will take two of the new seats.
New Uber chief executive Dara Khosrowshahi has said he hopes to see Uber float publicly in 2019.