Shareholders of Softbank Give Uber Deal the Go-Signal

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Photo by MIKI Yoshihito/Flickr

A consortium led by the Softbank of Japan has agreed to acquire a 17 percent stake in Uber after the shareholders approved the said purchase.

A deal that was between the Softbank-fronted group and the ride-hailing app was first revealed around two months ago, and yesterday, the investors of Softbank gave it the green light.

The said transaction values Uber at around $48bn (£36bn). Some sources said that early next year, the deal, including a primary investment amounting to $1.25bn would close.

Uber said: “We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth and strengthen our corporate governance.”

Currently, Uber is currently in the process of appealing a resolution not to renew its operating licence in London. In September, Transport for London said that it had discovered that “Uber London Limited is not fit and proper to hold a private hire operator licence.”