Kalanick to sell 29% of his stake in Uber amid SoftBank deal

Ivan Schwartz
January 8, 2018

Bloomberg reports Kalanick plans to sell almost one-third of his Uber shares as part of a deal struck by SoftBank Group Corp. and a group of investors.

Kalanick owns 10% of the company and the deal values Uber at $48 billion.

Several of Uber's early investors and company leaders are beginning to loosen their grip on the ride-hailing company - and are set to reap big riches in the process. However, the investor consortium is also making a $1.25 billion investment of fresh funding at the older, higher valuation. Mr Kalanick had initially planned to part with as much as half of his stake but was reportedly forced to scale back his ambitions because of limits agreed between Uber and the buyers.

The former CEO will unload 2.9 per cent of Uber shares, earning him about $1.4 billion.

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A source told Reuters that Kalanick initially offered to sell 50 per cent of his shares, but SoftBank limited the sale to one-third.

Kalanick had long boasted that he had never sold any of his equity in Uber.

The transaction marks a victory for new CEO Dara Khosrowshahi, who helped broker the deal and who will benefit from a deep-pocketed investor like SoftBank.

Kalanick has been laying low following his resignation previous year from Uber following allegations of sexual harassment in the company, incidents of covering up information from regulators, and failure to disclose a hack attack that stole driver and passenger information.

Other reports by GizPress

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