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Uber board member Huffington says deal with SoftBank very likely next week

Uber is still 'waiting on what's going to transpire in terms of the price', said board member Arianna Huffington

IANS  |  New York 

Uber's Top Ranks Thin Out as CEO Steps down

SoftBank's multi-billion-dollar investment into ridesharing app will be finalised "very likely in the next week" board member Arianna Huffington has said.

Uber's board voted earlier in October to approve the Japanese tech conglomerate's cash infusion, which would add six more board seats and annul super-voting shares held by former CEO among others.

Through its $93 billion Vision Fund, plans to acquire between 14-20 per cent of the world's most valuable privately-held tech startup, Recode quoted Huffington as saying at a media conference on Monday.

She confirmed reports that the proposed deal would involve both a direct investment in the company at the last private valuation and also a secondary transaction, buying out existing shareholders at a yet-to-be-determined discount, TechCrunch reported.

is still "waiting on what's going to transpire in terms of the price", said Huffington.

She added that having "on your cap table is very important when they're also investing in so many of our competitors around the world".

Implying that there could be more acquisitions in ridesharing, she said to "expect to see some consolidation."

Huffington also spoke about the difficult period has faced in the past few months.

The company's work environment had come under fire, leading to the departure of several key executives, including co-founder and Chief Executive Officer

She voiced optimism about Uber's new leader, Dara Khosrowshahi. Calling him "unflappable," she said that there's a renewed focus on image. His "goal is to get people to love the company and not just the product".

Huffington also said that Khosrowshahi has a greater focus on cost-cutting, in order to meet the goal of taking public by 2019.

First Published: Tue, October 17 2017. 10:30 IST
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