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| Uber set to sell $10bn stake to Softbank | |
| (about 1 hour later) | |
| Uber has struck a deal that could lead to a huge investment by a consortium led by Japanese conglomerate Softbank and San Francisco group Dragoneer. | Uber has struck a deal that could lead to a huge investment by a consortium led by Japanese conglomerate Softbank and San Francisco group Dragoneer. |
| The size of the potential investment has not been disclosed, but reports say it could be up to $10bn (£7.6bn). | The size of the potential investment has not been disclosed, but reports say it could be up to $10bn (£7.6bn). |
| The ride-hailing company said the money would fuel Uber's expansion and investments in technology. | |
| But it could transform its corporate structure and see a share listing by 2019, if the deal goes ahead. | But it could transform its corporate structure and see a share listing by 2019, if the deal goes ahead. |
| "We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," Uber said. | |
| "We believe this agreement is a strong vote of confidence in Uber's long-term potential." | "We believe this agreement is a strong vote of confidence in Uber's long-term potential." |
| If completed, the firm plans to use the funds to expand its business further as it faces increasing competition at home and abroad. | If completed, the firm plans to use the funds to expand its business further as it faces increasing competition at home and abroad. |
| As well as boosting its investments in technology, Uber said it would strengthen its corporate governance. | As well as boosting its investments in technology, Uber said it would strengthen its corporate governance. |
| That could help bring stability to the world's most valuable start-up after a year of scandals, infighting and the ousting of former chief executive Travis Kalanick in June. | That could help bring stability to the world's most valuable start-up after a year of scandals, infighting and the ousting of former chief executive Travis Kalanick in June. |
| Early adopter | Early adopter |
| Softbank, the Japanese telecommunications and technology giant, declined to comment on the potential investment when contacted by the BBC. | |
| However, Softbank chief executive Masayoshi Son said last week that "whether we make an investment in Uber, or not, is not decided yet". | |
| He said a deal would depend on "pricing and the terms and conditions" as most of Softbank's investment would be used to buy out shares from current investors. | |
| Buying the existing shares would reportedly allow Softbank to take a 14% stake in Uber, while $1bn is said to have been set aside to buy new shares. | Buying the existing shares would reportedly allow Softbank to take a 14% stake in Uber, while $1bn is said to have been set aside to buy new shares. |
| Mr Son added that while Uber was struggling with "management issues", he believed it was still a "good company". | Mr Son added that while Uber was struggling with "management issues", he believed it was still a "good company". |
| Sources told the BBC it could take up to a month for the investment deal to be wrapped up. | Sources told the BBC it could take up to a month for the investment deal to be wrapped up. |
| Once completed, it would mark the latest in a series of overseas investments by Softbank including: | Once completed, it would mark the latest in a series of overseas investments by Softbank including: |
| SoftBank has not revealed how much of the money to be invested in Uber would come from its technology focused Vision Fund, which has more than $93bn at its disposal. | SoftBank has not revealed how much of the money to be invested in Uber would come from its technology focused Vision Fund, which has more than $93bn at its disposal. |
| Mr Son is known to have an eye for potentially transformative industries and trends. He was an early investor in Alibaba and owns close to 30% of the Chinese e-commerce giant's shares. |