Japan’s Softbank said to buy Uber shares at 30% discount

Tokyo-based technology conglomerate Softbank Group Corp. and a group of investors plan to acquire a stake in Uber Technologies Inc. at a 30 percent discount to the ride-hailing company’s $69 billion valuation, Bloomberg reported on Monday, citing unnamed sources with knowledge of the matter.

The consortium is offering over $6 billion for a stake that would value the ride-hailing firm at $48 billion.

Softbank’s investment in Uber has been a top priority for the firm, new Uber’s chief executive, Dara Khosrowshahias, said, describing the deal as a chance to close rifts and land a powerful new ally.

The tender offer is expected to start Tuesday and could last as many as 20 business days, the sources said, adding that a number of Uber shareholders have agreed to sell their shares.

For the deal to close, the SoftBank-led coalition must buy at least 14 percent of Uber’s shares through the tender.

Softbank was said to be weighing an offer price to acquire Uber after the company disclosed a hack of 57 million accounts that took place a year ago, Argaam reported.