2 big Uber investors agree to sell shares in SoftBank deal
DETROIT (AP) — At least two big Uber stakeholders have agreed to sell part of their shares to a group led by Japanese conglomerate SoftBank. It’s a deal that lets investors cash out and could bring management stability to the troubled ride-hailing company.
SoftBank said in a statement Wednesday that Benchmark Capital, Menlo Ventures and other early investors have confirmed intent to sell shares. SoftBank’s offer was expected to be based on a reduced valuation of Uber. The company had been valued at $68.5 billion in a previous stock sale.
SoftBank and Dragoneer Investment Group want to buy at least 13.4 percent of Uber. They’re also sinking $1 billion into the company. Messages were left seeking comment from Uber, Benchmark and Menlo Ventures.