SoftBank group acquires major stake in Uber
NEW YORK (AP) - A group led by Japanese technology conglomerate Softbank acquired a major stake in Uber, a deal that curtails the influence of ousted CEO Travis Kalanick, Uber's founder.
In a tender offer that expired Thursday, SoftBank acquired a 15 percent stake in the troubled ride-hailing company. Others in the group got about 3 percent, according to a person familiar with the situation who was not authorized to publicly discuss details.
In a statement, Uber confirmed that the SoftBank group met its shareholding target.
Uber had been valued at $68.5 billion in a previous fundraising. The Wall Street Journal reported that the current deal values Uber at $48 billion, a 30 percent discount.
The SoftBank group also is buying new Uber shares worth about $1 billion.