Uber Has Sold Stake to Softbank

Uber Technologies Inc. has agreed to sell a substantial stake in the ride-hailing leader to an investor group led by SoftBank Group Corp., letting the Japanese conglomerate build up a piece of the company at a steep discount to the last valuation.

A group of Uber’s largest shareholders has agreed to sell a significant stake in the ride-hailing giant at a sheer discount, according to two people familiar with the process who were not allowed to comment on it publicly.

The transaction implies a $48 billion value for Uber, according to a person familiar with the deal. The investor group, which includes SoftBank, Dragoneer Investment Group, TPG, Tencent Holdings Ltd. and Sequoia Capital, also will put $1.25 billion directly into the San Francisco-based business, at a higher valuation of $69 billion.

The sale is a big step for the company as it looks to calm investors and pave the way for an initial public offering in 2019.

“We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth, and strengthen our corporate governance,” Matt Kallman, an Uber spokesman, said in a statement.

The deal, part of a tender offer process started by SoftBank last month, will let some of Uber’s earliest shareholders, including employees and venture capital firms like Benchmark and First Round, cash out and receive what will prove to be a large payday.

Existing backers with more than 20 percent of Uber shares tendered their stakes, and about $9 billion is being invested in the overall deal. The SoftBank-led group will end up having roughly 17.5 percent of the startup, with SoftBank at 15 percent holding the majority of stake.

“We are appreciative of the support from Uber’s shareholders in the successful tender offer and look forward to closing the overall investment in January,” said Rajeev Misra, head of SoftBank’s $93 billion tech investment fund. “We have tremendous confidence in Uber’s leadership.”

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