Uber Technologies Inc. (Uber) has completed a transaction with SoftBank Group Corp. (SoftBank Group), Uber shareholders sold at a discounted price of 8 billion US dollars (approximately RMB 51 billion) to be led by the Softbank Group A group of investors, this Japanese company group is now Uber’s largest shareholder.
Softbank provided Uber with 1.25 billion U.S. dollars in investment, according to a person familiar with the matter. Utopa’s market value was estimated to be worth 70 billion U.S. dollars. The purchase price was only based on a market value of 54 billion U.S. dollars.
The transaction will have an impact on Uber Technology's board of directors and stocks. Uber will create additional board seats and the total will be expanded to 17.
According to informed sources, Softbank intends to appoint Rajeev Misra, one of its executives, and Marcelo Claure, chief executive of Sprint, to serve as a member of the board of directors. According to an anonymous insider, these plans are still confidential, and the other four positions, including one board seat, need to be filled.
Mishra said in an interview that he believes Uber will develop better under the leadership of the new leadership.
It is worth mentioning that this reform will limit the voting rights of some of the veteran shareholders and weaken Uber's co-founder Travis Kalanick and venture capital firm Benchmark's control of the company. It is worth mentioning that the transaction is completed. Later, the latter agreed to withdraw the allegations against Travis Kalanick.
This investment is a beautiful battle for Uber’s new CEO, Dara Khosrowshahi. As everyone knows, the negotiation process was not going smoothly. Masayoshi Son, chief executive of Softbank, once stated publicly that if UPM’s negotiation with Uber is broken, he will invest in Uber’s rival Lyft Inc.
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