SoftBank succeeds in bid buy Uber shares

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(Reuters) – A consortium led by SoftBank Group Corp (9984.T) successfully bought a large number of shares of Uber Technologies Inc [UBER.UL] in a deal that values the ride-services firm at $48 billion, Uber said on Thursday, handing a victory to new Chief Executive Dara Khosrowshahi.

The price is a roughly 30 percent discount to Uber’s most recent valuation of $68 billion. The deal will trigger a number of changes in the way the board oversees the company, which is dealing with federal criminal probes, a high-stakes lawsuit and an overhaul of its workplace culture.

SoftBank and the rest of consortium, which includes Dragoneer Investment Group, will own approximately 17.5 percent of Uber, a person familiar with the matter said. That stake includes both a secondary share purchase from earlier investors and employees, as well as a $1.25 billion investment of fresh funding.

The $1.25 billion investment will made at the older, higher valuation, the person said. Uber said the…



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