SoftBank Group Corp. won its bid to buy a major stake in Uber Technologies Inc. at a steep discount to the company’s previous valuation in a deal that gives the world’s biggest tech investor sway over the most valuable U.S. startup.
Uber investors and employees tendered shares equal to about 20% of the company in an offer by a SoftBank-led consortium that concluded on Thursday, people familiar with the matter said. SoftBank
itself will take about 15% of the shares in the tender offer, which values Uber at $48 billion — a roughly 30% discount to its most recent valuation of about $68 billion and other members of SoftBank’s bidding group will get a stake of around 2.5%, one of the people said.
The tender offer — an open call to buy shares in the privately held company — expired Thursday at noon Pacific time, meaning investors could have changed their minds, potentially affecting the final tally of shares available.
Uber confirmed the deal Thursday and said “we expect to support our technology investments, fuel our growth, and strengthen our corporate governance.”
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