Uber reached a multi-billion dollar deal with SoftBank on Thursday, as the ride-hailing company prepares to go public.
A group of Uber shareholders that own high volumes of company equity agreed to sell a significant stake to SoftBank, a Japanese multinational technology and telecommunications firm, allowing the deal to go through.
The Japanese firm plans to acquire at least 14 percent of the ride-hailing company, the New York Times reports.
SoftBank will purchase the shares for $33 each, putting Uber’s value at $48 billion, a significant discount from its previous valuation of $70 billion.
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Khosrowshahi has said that he plans to take Uber public as soon as 2019 and the deal with SoftBank will help that process by calming investors who feared the repercussions of Uber’s string of scandals.
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Uber closes multi-billion dollar deal to sell large stake of company to Softbank https://t.co/zYCFbWDehp pic.twitter.com/9iDt2M7Zq9
— The Hill (@thehill) December 29, 2017
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