Softbank to Invest in Uber

Uber logo

CBJ — Japanese technology giant Softbank plans to invest billions of dollars in Uber.

Uber Technologies is the world’s foremost ride-hailing service and it’s a service that has certainly not been without controversy.

According to reports, Softbank Group will buy about $1 billion worth of new Uber stock, then will offer to purchase shares from investors and Uber employees as part of an effort to own about 14% of the company.

According to the latest figures Uber is worth more than $68 billion U.S., but Softbank’s investment will be based on a lower valuation.

The long-term plan is to have Uber shares available to sell to the public.  Expectation is that an initial public offering will be made before 2020.