Tech & Science Uber Approves SoftBank Multibillion-Dollar Investment Offer

08:21  14 november  2017
08:21  14 november  2017 Source:   bloomberg.com

Broadcom Offers $105 Billion for Qualcomm in Landmark Deal

  Broadcom Offers $105 Billion for Qualcomm in Landmark Deal Broadcom Ltd. offered about $105 billion for Qualcomm Inc., kicking off an ambitious attempt at the largest technology takeover ever in a deal that would rock the electronics industry. Broadcom made an offer of $70 a share in cash and stock for Qualcomm, the world’s largest maker of mobile phone chips. That’s a 28 percent premium over the stock’s closing price on Nov. 2, before Bloomberg first reported talks of a deal. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt.Buying Qualcomm would make Broadcom the third-largest chipmaker, behind Intel Corp.

Uber Technologies Inc. approved SoftBank Group Corp.'s offer to buy a multibillion - dollar stake in the ride-hailing company, setting the stage for one Rajeev Misra, CEO of SoftBank 's billion tech investment fund, warned that the company could walk away if Uber shareholders demand too much.

Uber Technologies Inc. approved SoftBank Group Corp.’s offer to buy a multibillion - dollar stake in the ride-hailing company, setting the stage for one of the largest private startup share purchases ever. The agreement lets SoftBank , the investment firm Dragoneer

The Uber Technologies Inc. ride-hailing service smartphone app sits on a smartphone display in this arranged photograph at a taxi rank in Madrid, Spain, on Friday, Jan. 13, 2017.: Rajeev Misra, CEO of SoftBank’s $93 billion tech investment fund, warned that the company could walk away if Uber shareholders demand too much. © Bloomberg/Bloomberg Rajeev Misra, CEO of SoftBank’s $93 billion tech investment fund, warned that the company could walk away if Uber shareholders demand too much. (Bloomberg) -- Uber Technologies Inc. approved SoftBank Group Corp.’s offer to buy a multibillion-dollar stake in the ride-hailing company, setting the stage for one of the largest private startup share purchases ever.

The agreement lets SoftBank, the investment firm Dragoneer, and others invest at least $1 billion in Uber and proceed with a tender offer in coming weeks to buy up to $9 billion in shares from existing investors. The deal could still fall through if there aren’t enough interested sellers. A slate of Uber governance changes hangs on the transaction closing.

Demi Lovato had an incredibly awkward encounter with Seal and tweeted all about it

  Demi Lovato had an incredibly awkward encounter with Seal and tweeted all about it "Hi Susan."

Uber Technologies Inc. approved SoftBank Group Corp.’s offer to buy a multibillion - dollar stake in the ride-hailing company, setting the stage for one of the largest private startup deals ever. Uber - SoftBank Deal Is Said to Near Approval , Signing Imminent.

San Francisco: Uber Technologies Inc. approved SoftBank Group Corp.’s offer to buy a multibillion - dollar stake in the ride-hailing company, setting “We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment ,” Uber said in a statement.

“We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," Uber said in a statement. "We believe this agreement is a strong vote of confidence in Uber’s long-term potential. Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance.”

The terms were negotiated for weeks, according to people familiar with the matter who asked not to be identified talking about private deliberations. Uber’s board was briefed on the terms Saturday and lawyers had been working to complete the language of the agreement, the people said.

As part of the deal, venture capital firm Benchmark agreed to put its lawsuit against Uber co-founder Travis Kalanick on hold and drop the complaint when SoftBank’s investment and the governance reforms kick in, the people said. Kalanick is agreeing to give Uber’s board majority approval over the board seats he controls should he ever need to fill them again, the people said.

Honda’s connected cars will communicate over 5G

  Honda’s connected cars will communicate over 5G When it's not busy making billion-dollar acquisitions to expand its robotics line-up, Japanese mobile carrier SoftBank is pursuing its other hobby: smart cars. Along with rivals NTT Docomo and KDDI, SoftBank is already testing 5G in Japan, with a view to kick-starting services by 2020. Before then, the carrier will test how well Honda's cars can communicate with one another over its 5G network. Starting in 2018, SoftBank will install 5G base stations at the auto-maker's Takasu Proving Ground closed test course in Hokkaido, Japan. The 6.

Uber approved SoftBank ’s offer to buy a multibillion - dollar stake in the ride-hailing company, setting the stage for one of the largest private startup deals ever “We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment ," Uber said in a statement.

Rajeev Misra, CEO of SoftBank ’s billion tech investment fund, warned that the company could walk away if Uber shareholders demand too much.

The pact gets Uber closer to clearing a major hurdle as it tries to overcome a series of scandals, leadership turmoil and executive departures. SoftBank, a well-connected Japanese technology company, could help Uber strike deals with competitors in India or Southeast Asia. SoftBank is a major investor in Ola and Grab, Uber’s rivals in those regions.

Uber’s board already approved governance changes that restrict Kalanick’s role at the ride-hailing company, including equalizing the voting power of different share classes and increasing the size of the board to 17 to allow for new independent directors. Those changes are contingent on the SoftBank investing in Uber.

After a long negotiation with Uber, SoftBank agreed to buy shares at a single price as long as sellers were barred from working together to push up the price. Then Kalanick threw a wrench in the deal, insisting that Benchmark put a hold on its lawsuit against him before he would approve it. Finally, this week, Benchmark relented after Uber’s new Chief Executive Officer Dara Khosrowshahi and other board members urged the firm to do so, two of the people said.

Volvo Cars to supply Uber with up to 24,000 self-driving cars

  Volvo Cars to supply Uber with up to 24,000 self-driving cars <p>Uber plans to buy up to 24,000 self-driving cars from Volvo, marking the transition of the U.S. firm from an app used to summon a taxi to the owner and operator of a fleet of cars.</p>The non-binding framework deal could offer San Francisco-based Uber a way to overcome setbacks at its autonomous driving division in Silicon Valley's race to perfect self-driving systems.

Uber has approved Japanese technology conglomerate SoftBank ’s bid to purchase a multibillion dollar stake in the ride-hailing company. The Japanese internet and telecommunications firm’s investment in Uber is set to be one of the largest-ever deals with a private startup.

Finance. Uber approves SoftBank ’s multibillion - dollar investment offer . Uber Technologies Inc. approved SoftBank Group Corp.’s offer to buy a multibillion - dollar stake in the ride-hailing company, setting the stage for one of the largest private startup deals ever.

SoftBank, along with Dragoneer and General Atlantic, are expected to invest at least $1 billion in Uber and purchase up to $9 billion worth of Uber shares from existing investors. The initial price for the tender offer may not be set for more than a week, a person familiar with the matter said. SoftBank is expected to buy shares from Uber at the company’s current valuation of nearly $70 billion, but the price of the secondary stock sale -- in which existing investors sell -- is expected to be lower.

Investors TPG, Tiger Global, DST Global and the Chinese company Tencent Holdings Ltd. may also buy Uber shares as part of the deal, the people said.

There’s still a lot of jockeying to be done before a tender offer goes through, and at least one existing Uber investor is already pushing for a rich valuation.

"There is value to fixing the governance problems, but that value should not be given to new outside investors through an undervalued tender offer," said Glen Kacher, president of Light Street Capital Management LLC, which owns stock from Uber’s Series E financing round.

Rajeev Misra, CEO of SoftBank’s $93 billion tech investment fund, warned that the company could walk away if Uber shareholders demand too much. “By no means is our investment decided," he said in a statement on Monday. "We are interested in Uber but the final deal will depend on the tender price and a minimum percentage shareholding for SoftBank.”

The transaction may make Kalanick a cash billionaire if he decides to sell a large enough chunk of his stake in the company. The deal could also be the largest private stock sale ever, and will create a host of new San Francisco millionaires as early employees sell shares.

Uber plans to run newspaper ads informing investors about the share purchase. Then SoftBank will propose a price at which it will buy stock. Uber shareholders will then have to decide if they want to sell and how many shares they want to offer. If SoftBank doesn’t get enough buyers, it could propose a higher price or walk away.

Should Uber users be worried about data hack? .
The theft of the personal data of 57 million Uber riders and drivers highlights how vulnerable we make ourselves when we install apps on our mobile phones and tablet computers. What happened?Uber chief executive Dara Khosrowshahi said Tuesday that hackers had compromised personal data from some 57 million riders and drivers in a breach kept hidden for a year.Stolen files included names, email addresses, and mobile phone numbers for riders, and the names and driver license information of some 600,000 drivers, according to Uber.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!