SoftBank reportedly targeting Uber stake valued at billions

Big 5

Japan’s tech titan SoftBank has approached Uber about taking a multi-billion dollar stake in the ride-sharing company, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

SoftBank has already invested in three ride-sharing companies in Asia: Grab in Singapore, Ola in India and Didi Chuxing Technology in China, the report noted.

According to the report, the sources said SoftBank’s talks with Uber were preliminary and any deal would likely need to wait for the ride-sharing company to hire a new chief executive, which was likely weeks away.

The Journal added that an Uber spokesman had declined to comment on the story, and that SoftBank didn’t immediately respond to a request for comment.

On Monday, Grab said it expected to raise about $2.5 billion in fresh funds from Didi Chuxing, Softbank and others to bolster dominance in the region and grow its fledging mobile payments business.

Source: CNBC & The Wall Street Journal