SoftBank succeeds in bid to buy big Uber stake
The deal will trigger a number of changes in the way the board oversees the ride-hailing company
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A CONSORTIUM led by SoftBank Group Corp will buy a large number of shares of Uber Technologies Inc in a deal that values the ride-services firm at US$48 billion, Uber said on Thursday, in a victory for new chief executive Dara Khosrowshahi.
The price is a roughly 30 per cent discount to Uber's most recent valuation of US$68 billion. The deal will trigger a number of changes in the way the board oversees the company, which is dealing with federal criminal probes, a high-stakes lawsuit and an overhaul of its workplace culture.
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