Tuesday, May 17, 2022
No menu items!

SoftBank Said to Offer $2.1 Billion Uber Stake via Goldman

Must Read



SoftBank Group Corp. is selling $2.1 billion of its stake in Uber Technologies Inc. in a block trade through Goldman Sachs, according to people familiar with the matter.

SoftBank, Uber’s largest investor, is trimming its stake in the ride-hailing giant from 184 million shares as of March 31. SoftBank is also a significant investor in Chinese ride-hailing giant Didi Global Inc., which saw its share price tumble following Beijing’s regulatory crackdown.

SoftBank aims to sell 45 million shares with a price range of $44.15 to $46.14, according to people familiar with the details who asked not to be identified discussing private information. Uber shares fell 5.1% in post-market trading, while rival ride-hailing firm Lyft Inc. fell 0.9% in an apparent sympathy trade.

The block trade is worth about $2.1 billion based on the latest closing price. The price range implies a maximum discount of 4.3% from Wednesday’s close for an offering that represents nearly three full days of the average trading volume.

The transaction arrives one week before Uber reports earnings. Uber will announce quarterly results on Aug. 4 after the market closes.

CNBC earlier reported that SoftBank was selling shares.


- Advertisement -spot_img


Please enter your comment!
Please enter your name here

- Advertisement -spot_img
Latest News

Aliko Dangote allegedly broke, unable to complete refinery by 2023 – Report

Fitch, the world’s biggest global rating agency has alleged that Africa’s wealthiest man, Aliko Dangote is broke.   It alleged that...
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img