Softbank gets Uber A-OK for $9 BEEELLION investment cash splurge
13 November, 2017, 19:37 | Author: Oscar Goodwin
Under the terms of the deal, it is understood that Softbank will lead a $1 billion funding round with participation of Dragoneer Investment Group, a San Francisco-based investor.
According to a Bloomberg report, the agreement lets SoftBank and other firms invest up to $1 billion in Uber, and proceed with a tender offer in coming weeks to buy up to $9 billion in shares from existing investors.
It is expected to purchase more share from other shareholders as well as from employees, as it plans to acquire 14% share of the cab-hailing company.
Uber Technologies Inc. confirmed the investment in a statement Sunday without giving details. The deal also includes Uber governance changes.
"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it said.
This can bring stability to the world's most valuable startup (valued at almost $70 billion) after the downfall of its founder Travis Kalanick who resigned as CEO in June after allegations of sexual harassment, gender discrimination, and a toxic work environment. Under the deal, the initial public offering will take place before the end of 2019. Both sides ended their feud on Sunday, clearing the way for the SoftBank investment, the person said. Benchmark had alleged that Kalanick duped investors into allowing him to create three disputed board seats that it later wanted to delete, which action would dump Kalanick out of Uber altogether. Benchmark has also agreed to immediately suspend its lawsuit against Kalanick, which it filed in August.
China's Tencent is also reportedly interested in buying a stake in Uber.
Benchmark agreed to drop the lawsuit in return for Kalanick's board power being diluted but its co-operation depends on the Softbank investment going through.
Although Kalanick quit as Uber chief exec, he remains on the board, having previously created the seat he now occupies.
Meanwhile, core inflation eased slightly in the month to 4.55 percent in October from September's 4.61 percent. Housing inflation grew marginally at 6.68 percent in October from 6.1 percent in September.
The incident comes days after a Pakistani soldier was killed in a similar attack on a check post at the border in Rajgal Valley. Major General Asif Ghafoor Monday said that Pakistan was paying the price for a security vacuum on Afghan side of the border.
Kaepernick has leveraged that platform into delivering a message that has been impossible for any American to ignore. Gentleman's Quarterly magazine has dubbed the controversial Colin Kaepernick 'citizen of the year '.
Fellow former United player Danny Higginbotham said: "If true very sad news about one of my former teammates Liam Miller ". He also played at worldwide level from U19 up, earning 20 senior caps with the Republic of Ireland between 2004 and 2009.
The absence of Russell and Dinwiddie likely leaves reserves Isaiah Whitehead and Caris Levert to log starting point guard duties. The Nets are scheduled to return home Tuesday against the Boston Celtics and host the Golden State Warriors next Sunday.
He said Europe spends 50 percent as much as the United States on defense yet only has 15 percent of its military efficiency. Mogherini, EU military chiefs and the European Defence Agency will then evaluate whether the plans are being respected.
Ventura and Bieber dated briefly back in 2015, after he had split with Gomez and had a (possible) brief fling with Kylie Jenner . He spent a good two hours with it, and wherever they went, they were holding each other's hand.
Notes & quotes: Forward Mindaugas Kuzminskas was waived to make room for center Joakim Noah's return from his suspension. The 6-5 Ntilikina has flashed promise, averaging 4.4 points, 5.0 assists and 1.6 steals in 10 games as a reserve.
The defense held Jordan Howard to 54 yards on 15 carries and that included a 25 yard breakout run in the first half. Trubisky was able to pick up one first down but the defense forced four straight incompletions to seal the victory.
Singles' Day has been expanding over the years and at the moment it is emerging to be one of the world's biggest shopping events. The date of November 11 emerged as a counter-cultural antidote to the sentimentality of Valentine's Day.
He and other researchers wanted to know how sex affected the odds of cardiac arrest, a different problem that's more often fatal. Later the scientist asked that whether sex can be called unsafe for the heart patients and the answer come as to be on hold.
Senate tax reform bill maintains state, local tax elimination
The Senate bill also sets the child tax credit at $1,650 per child - a $50 increase over the credit included in the House bill. Working-age renters could be big losers, since they would see no benefit from eliminating homeowner property taxes.
Zlatan return will help United - Lukaku
He told Sky Sports News , " It motivates me really , because he's another good player to add to the squad ". The Red Devils are set to welcome back Paul Pogba, Zlatan Ibrahimovic and Marcos Rojo in the coming weeks.
Odd-even: AAP govt moves NGT seeking modification of its order
Resorting to the odd-even scheme as a stop-gap arrangement will only work to disillusion the public from its marginal efficacy. Speaking to Firstpost regarding the matter, AAP MLA Anil Bajpai said, "We can not compromise on the issue of women's safety".