Japanese SoftBank to invest multi-billions in Uber

In a statement Sunday, Uber Technologies Inc. has confirmed that Japanese technology conglomerate SoftBank has made a deal with Uber to invest billions in the company.

According to a source the SoftBank Group will buy about $1 billion worth of new Uber stock, then will offer to purchase shares from investors and Uber employees with the goal of reaching a 14% stake in the company. Uber currently is valued at $68.5 billion, but stock offers will be based on a lower valuation, so it’s unknown just how much the total deal multibillion-dollar deal will be worth.

Uber’s statement said it reached an agreement with a consortium led by SoftBank and Dragoneer Investment Group. The deal is a vote of confidence in the company’s potential and “will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance,” the statement said.