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Last Updated Wednesday November 15 2017 04:07 PM IST

Softbank investment in Uber: ' no final agreement' yet

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Uber The Uber logo is seen on a screen in Singapore August 4, 2017. Reuters/Thomas White /File Photo

Tokyo: Japan's SoftBank Group Corp said on Tuesday it was considering investing in Uber Technologies Inc but there was no final agreement at this stage.

"If conditions on share price and a minimum of shares are not satisfactory for the SoftBank Group side, there is a possibility the SoftBank Group may not make an investment," it said in a statement.

Uber said this week that a planned deal with SoftBank and Dragoneer Investment Group was moving forward. The investment could be worth up to $10 billion, two people familiar with the matter have said..

SoftBank and Dragoneer are leading a consortium that plans to invest $1 billion to $1.25 billion in Uber, the most highly valued venture-backed company in the world, along with a purchase of up to 17 per cent of existing shares in a secondary transaction.

Progress in the negotiations came after venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and former chief executive Travis Kalanick struck a peace deal, reaching an agreement over terms of the planned SoftBank investment.

The Japanese tech and telecoms firm has become a prolific investor in ride sharing firms such China's Didi and India's Ola as it works to achieve SoftBank founder Masayoshi Son's vision of a future driven by artifical intelligence and interconnected devices.

Read more at: Latest in business | India and south asia policy chief quits Uber

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

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