SoftBank tender for Uber stake succeeds
The company still faces numerous legal challenges, including a massive trade secrets lawsuit with Alphabet's self-driving vehicle unit Waymo and multiple government investigations into potentially illegal business practices.
Softbank will invest $1 billion into Uber in hopes of ridding investor concerns the tender offer lowers the value of remaining shares, the Wall Street Journal reported.
SoftBank's investment is a sign of support from an influential investor for new Chief Executive Dara Khosrowshahi.
The tender offer came at a particularly bad time for the company. The sellers of Uber shares haven't been disclosed, but some Uber employees are rumored to be among those selling, along with investors Benchmark and Menlo Ventures.
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As part of the deal, Uber's board will expand from 11 members to 17 members. This is about 30 percent less than its previous $68 billion valuation, which means investors and employees who plan to offload some of their shares will be taking a major discount.
The moves come as Uber concludes a hard year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges. Kalanick resigned from his post earlier this year after a number of scandals, but still maintains a seat on the company's board of directors, where he is surrounded by allies and controls 16 percent of the voting power. They said that SoftBank is expected to acquire 15 percent, while the reminder will likely be made available to other prospective buyers.
The investor group is also buying about $1.25bn worth of new shares at a price that values the firm at nearly $70bn, a significantly higher price that is similar to what Uber shares fetched in its last fundraising round.
Once approved, the transaction will value the company at $48 billion.
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