If it succeeds, the SoftBank-led coalition would purchase at least 14 per cent of the shares from existing Uber investors. Simon Dawson / Reuters
If it succeeds, the SoftBank-led coalition would purchase at least 14 per cent of the shares from existing Uber investors. Simon Dawson / Reuters

SoftBank bids to buy Uber shares for less than current value



Softbank Group and a group of investors are said to be trying to buy a big stake in Uber Technologies at a sizable discount to the ride-hailing company’s $69 billion valuation, seeking to clinch what would be one of the largest ever purchases of stock in a private company.

SoftBank and partners including investment firms Dragoneer Investment Group and General Atlantic are offering to spend more than $6bn for a stake that would value the ride-hailing company at $48bn, or about 30 per cent lower than the valuation it fetched in its most recent round of fundraising, according to people familiar with the deal.

If it is successful, the SoftBank-led coalition would buy at least 14 per cent of the shares from existing Uber investors. The share purchase, along with an additional $1bn direct investment in the company, would make the group one of Uber’s biggest shareholders, said the people, who asked not to be identified discussing the private terms. The SoftBank coalition will receive two board seats if the stock sale is completed.

Locking in the investment from SoftBank has been a top priority for new Uber chief executive Dara Khosrowshahi, who sees the deal as chance to close rifts and land a powerful new ally. The share offer gives existing shareholders a way to sell equity and unlock some of the value that has been difficult to realise as long as the San Francisco-based company puts off an initial public offering. Mr Khosrowshahi has said he expects to take Uber public by 2019.

The tender offer is expected to start today, the people said. While a number of Uber shareholders have agreed to sell shares, this part of the process could last as many as 20 business days, according to the people.

An Uber spokesman declined to comment.

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The expansion of the company’s board and other governance reforms have been attached to passage of the stock sale, upping the stakes. The deal isn’t done, however. Shareholders will need to sell at the $48bn valuation. While SoftBank’s offer of about $33 a share is 30 per cent less than Uber’s valuation at its most-recent fundraising round, the price would represent a significant windfall for many early investors. If shareholders don’t agree to sell in sufficient numbers, SoftBank can raise the price or walk away, the people said.

SoftBank shares fell less than 1 per cent Tuesday morning in Tokyo trading.

SoftBank eyed Uber shares as the ride-hailing company has had an abysmal 2017: the company’s co-founder and former chief executive Travis Kalanick resigned under pressure from investors; its biggest US competitor has gained ground against it; and the company faces a high-profile lawsuit from Waymo, the self-driving unit of Alphabet. SoftBank, which has a $93bn technology investment fund, saw an opportunity to buy shares at a discount.

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Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

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Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

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Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

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The%C2%A0specs%20
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COMPANY%20PROFILE
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THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

SPECS
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY%20PROFILE
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EA Sports FC 25
THE BIO

Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.

Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.

She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.

She is the youngest of three children, and has a brother and sister.

Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring  the natural world.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

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