SoftBank Uber deal might rescue the ride-hailing giant

Uber Technologies Inc. has been shuffling between all the troubles it is facing for a while now. The most recent one is the cancellation of its license in the city of London. The ride-hailing giant tried its level best to find a solution to this problem but hasn’t succeeded yet. A number of unfortunate incidents in the same year have resulted in the sudden downfall of the company. Due to this, its direct competitors are cashing upon the incident and have taken over the market. Uber is desperate to take substantial measures before it’s too late. In order to do so, it is in serious talks to finalize the SoftBank Uber deal by the end of this week itself.

There have been times when a certain company went so deep into debt that it could never come out of it. As a result of this, the company had to be shut down and the debt had to be cleared by selling all assets. Not only did it waste years of hard work of the company but also made everyone jobless. It seems that Uber woke up at the right time and is striving hard to avoid any such situation. The SoftBank Uber deal will work in its favor as the Japanese firm is known for its successful investments.

SoftBank Uber deal

It is in serious talks to finalize the SoftBank Uber deal by the end of this week itself.

SoftBank Uber deal to be finalized this week itself

The fact that SoftBank has a Vision Fund worth $93 billion is well known by now. The sole intention behind this fund is that it aims to acquire 14 to 20 percent of the most valuable private tech startups in the world. And undoubtedly, Uber is one of them. Arianna Huffington, an Uber board member announced this news at a press conference on Monday. When asked how soon will the deal materialize, she stated that most likely this week.

No monetary details of the SoftBank Uber deal have been announced yet. This is because all this will be finalized when the agreement of the deal is signed. But it is said that SoftBank will take over at least one-fifth of the company. This gives us a vague idea that the amount is going to be hefty. The price of the deal will be decided upon according to the current share prices of the company. In case the share prices are too low, the deal may also fail due to it. This is why the ride-hailing giant has kept details under wraps.

Avatar
Carrie Ann
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook

Recent Posts

Blackstone puts in an offer of $1.68 billion for St Modwen

Blackstone puts in an offer of $1.68 billion for St Modwen

Blackstone, the private equity firm, is planning to acquire St Modwen Properties, a logistics and housing developer, for £1.2bn ($1.68 billion) in a bid to take advantage of the P
2 days ago
Tesla to lose millions as Stellantis ends CO2 credit buying deal

Tesla to lose millions as Stellantis ends CO2 credit buying deal

Stellantis, the carmaker formed earlier this year by the merger of Fiat Chrysler and PSA, has revealed that it no longer needs to buy emission credits from Tesla, which will result
3 days ago
AB InBev CEO Brito to step down

AB InBev CEO Brito to step down

Anheuser-Busch InBev SA’s Chief Executive Officer Carlos Brito will step down from his role, effective July 1 and Michel Doukeris will succeed him as the new CEO. Brito, who beca
3 days ago
Australia’s Officeworks stops sales of Apple’s AirTags on child safety concerns

Australia’s Officeworks stops sales of Apple’s AirTags on child safety concerns

Officeworks, the Australian office supply store chain, has pulled Apple’s newly launched AirTags from its store following safety concerns for children from its button battery
4 days ago
Ex Google AI scientist joins Apple after resigning in protest for unfair practices

Ex Google AI scientist joins Apple after resigning in protest for unfair practices

Apple, Inc. has hired a former Google AI scientist who resigned in protest against the firing of two employees from the Ethics division. Sammy Bengio, the ex-Google employee, will
5 days ago
Solid Power raises $130 million in second funding round from Ford and BMW

Solid Power raises $130 million in second funding round from Ford and BMW

Solid Power, a solid-state battery system startup, has raised $130 million in Series B funding led by Ford Motor Company and BMW Group. The Louisville, Colorado-based SSB developer
5 days ago