SoftBank funding could see Uber switching lanes in tough S-E Asian market

Singapore

SOFTBANK Group's multi-billion dollar investment in Uber Technologies Inc opens up the possibility of combining it with other ride-hailing assets that the Japanese group owns in a consolidation of a rapidly growing business across Asia, industry sources say.

Uber Technologies Inc said on Nov 12 that a planned deal with a consortium led by SoftBank and Dragoneer Investment Group was moving forward. The consortium plans to inject US$1 billion to US$1.25 billion into Uber, and buy up to 17 per cent of existing shares in a secondary transaction.