Uber Technologies Inc. (Uber) has finalized a major deal with SoftBank Group Corp. (SoftBank), marking a significant shift in the company's ownership structure. In this transaction, Uber shareholders sold a stake valued at $8 billion (approximately RMB 51 billion) to a consortium led by SoftBank, making it the company’s largest shareholder. The deal was negotiated at a discount, reflecting ongoing pressure on Uber’s valuation.
According to sources familiar with the matter, SoftBank contributed $1.25 billion in direct investment to Uber. Despite this, the company’s market value was estimated at around $70 billion, while the purchase price was based on a valuation of only $54 billion. This discrepancy highlights the challenges Uber continues to face in the competitive ride-hailing industry.
The deal is expected to bring changes to Uber’s board of directors. The company will expand its board from 13 to 17 members, creating additional seats. Sources revealed that SoftBank plans to appoint Rajeev Misra, a senior executive from the group, and Marcelo Claure, CEO of Sprint, as new board members. However, these appointments are still under discussion, and four more positions remain to be filled, including one from the SoftBank-led group.
Rajeev Misra expressed confidence in Uber’s future under the new leadership, stating that he believes the company will perform better with the strategic support from SoftBank. Meanwhile, the restructuring also aims to limit the voting power of some long-standing shareholders, reducing the influence of co-founder Travis Kalanick and venture capital firm Benchmark Capital.
Notably, after the transaction was completed, Benchmark agreed to drop its legal claims against Kalanick, signaling a potential resolution to years of internal conflict. This move could pave the way for greater stability within the company.
For Uber’s new CEO, Dara Khosrowshahi, this investment represents a crucial step forward. However, the negotiations were not without difficulties. Masayoshi Son, CEO of SoftBank, had previously hinted that if talks with Uber fell through, his company would consider investing in Uber’s competitor, Lyft.
With this deal, Uber is taking a bold step toward securing its future, while navigating the complex landscape of tech investment and corporate governance. The partnership with SoftBank could provide much-needed capital and strategic guidance as the company continues to evolve.
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