Uber To Sell Portion Of Company To Japan's SoftBank
Scandal hit ride-sharing company, Uber on Sunday announced a deal to sell part of the company to Japan's SoftBank.
SoftBank expressed an interest in investing around $1 billion in Uber for a stake of at least 14%.
Uber plans to go public by 2019 and it's banking on the deal to clean up its battered image.
The move was unveiled shortly after reports emerged that its former CEO, Travis Kalanick and an influential investor had buried the hatchet in a long feud that paved the way for the acquisition.
"We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," a company statement said in a statement Sunday evening.
Also Read: BVN: Uber To Stop Using Diesel Cars By 2019
"We believe this agreement is a strong vote of confidence in Uber's long-term potential," it added.
"Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance," noted the statement.
But SoftBank refused to confirm the news when contacted and said it is not planning to issue any statement on Sunday.
The Japanese group was founded by billionaire, Masayoshi Son.
Also Watch: How Start Ups Can Break Into The Nigerian Market