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SoftBank says considering investment in Uber but no final agreement reached

Reuters  |  TOKYO 

TOKYO (Reuters) - Japan's Group Corp said on Tuesday it was considering investing in Technologies Inc but there was no final agreement at this stage.

"If conditions on share price and a minimum of shares are not satisfactory for the Group side, there is a possibility the Group may not make an investment," it said in a statement.

said this week that a planned deal with and Dragoneer Investment Group was moving forward.

The investment could be worth up to $10 billion, two people familiar with the matter have said..

and Dragoneer are leading a consortium that plans to invest $1 billion to $1.25 billion in Uber, the mostly highly valued venture-backed company in the world, along with a purchase of up to 17 percent of existing shares in a secondary transaction.

Progress in the negotiations came after venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and former Chief Executive Travis Kalanick struck a peace deal, reaching agreement over terms of the planned investment.

The Japanese tech and telecoms firm has become a prolific investor in ride sharing firms such as China's Didi and India's Ola as it works to achieve founder Masayoshi Son's vision of a future driven by artificial intelligence and interconnected devices.

(Reporting by Sam Nussey; Editing by Edwina Gibbs)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 18:32 IST