Uber seals multibillion-dollar investment from Japan’s Softbank

DETROIT (AP) — Japanese technology conglomerate SoftBank has reached a deal with Uber to invest billions in the ride-hailing giant.

Uber Technologies Inc. confirmed the investment in a statement Sunday without giving details.

But a person briefed on the deal told The Associated Press that SoftBank Group will buy about $1 billion worth of new Uber stock, then will offer to purchase shares from investors and Uber employees with the goal of reaching a 14 percent stake in the company. Uber currently is valued at $68.5 billion, but stock offers will be based on a lower valuation, so it’s unknown just how much the total deal multibillion-dollar deal will be worth, said the person, who spoke on condition of anonymity because details were not released.

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