Uber Is Close to Deal to Sell Stake to SoftBank

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

Uber Board Members Put Aside Differences To Accept Giant Sack Of Investment Cash

Misra noted that Uber and its shareholders had agreed to commence with a tender process and engage with SoftBank after a "long and arduous process of several months".

According to the New York Times, the terms of the agreement include suspending and ultimately scrapping the lawsuit Benchmark filed against embattled former CEO Travis Kalanick.

Taxi-hailing company Uber has said it's struck a deal that may eventually lead to a massive investment in the company by a consortium led by Japanese conglomerate SoftBank and Dragoneer of San Francisco.

Sudanese President Omar Al-Bashir to visit Uganda next week
Meanwhile Presidents Museveni and Bashir also agreed to increase the trade and diplomatic relations between the two countries. Bashir is wanted by the Hague-based global Criminal Court (ICC) on two counts of crimes against humanity and genocide.

The agreement follows an Oct 3 Uber board meeting, in which directors voted to move forward with an investment from SoftBank.

Uber had said funds from SoftBank, subject to the closure of the deal, would help the US-based startup fuel investments in technology and expansion in its home market as well as other countries. Kalanick is agreeing to give Uber's board majority approval over the board seats he controls should he ever need to fill them again, the people said.

SoftBank shares were down 0.75 percent on the news with Makoto Sengoku, market analyst at Tokai Tokyo Research Centre, saying that investors were underwhelmed with the news.

Duterte backs Japan vs North Korea
President Trump says he will make a "major" announcement Wednesday about North Korea, trade and other issues at the White House. The leaders are also expected to unite in condemning North Korea's nuclear and ballistic missile tests. "It is bad.

But the Japanese firm voiced caution, saying: "While the SoftBank Group side is considering an investment in Uber, there is no final agreement at this stage".

"SoftBank shows a remarkable amount of bravery, confidence and optimism to look to apply this much money in technology", said Bill Maris, who started Google Ventures almost a decade ago and runs his own California-based investment firm Section 32.

SoftBank, along with Dragoneer and General Atlantic, are expected to invest at least $1 billion in Uber and purchase up to $9 billion worth of Uber shares from existing investors. During that process, a price will be set for the existing Uber shares.

501 players make it to HBL PSL draft
Many questioned why players such as Fawad Alam, Awais Zia weren't picked by any franchise. Supplementary players: Andre Fletcher, Evin Lewis , Khalid Usman, Mohammad Arif.

"There is value to fixing the governance problems, but that value should not be given to new outside investors through an undervalued tender offer", said Glen Kacher, president of Light Street Capital Management LLC, which owns stock from Uber's Series E financing round. If SoftBank doesn't get enough buyers, it could propose a higher price or walk away.

Latest News