SoftBank's multi-billion dollar investment in Uber introduces the potential of integrating other ride-hailing equity the Japanese conglomerate has acquired in a consolidation of an increasingly growing industry across the Asian region.
Uber claimed that a scheduled offer with a consortium driven by SoftBank and Dragoneer Investment Group is already in progress. The consortium intends to invest $1 billion to $1.25 billion into Uber, and acquire 17% of existing shares in a supplementary transaction.
SoftBank has likewise has been a major financier in Uber's rivals across Asia, including Southeast Asia's Grab, China's DiDi Chuxing, and India's Ola, as it tries to accomplish founder Masayoshi Son's dream of a future steered by Artificial Intelligence, machine learning and interconnected devices.
However, ride-hailing service providers have been battling fiercely throughout Asia to lure in more drivers and riders, with price cuts and promos that have steered-down earnings.
Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa. More posts by this contributor Uber and Taxify are going head-to-head to digitize Africa’s two-wheeled taxis African VC TLcom Capital invests $5M in Nigerian data analytics firm Terragon Group Business APIs in Africa are […]
KUALA LUMPUR (April 25): Hap Seng Consolidated Bhd is acquiring from Mercedes-Benz Malaysia Sdn Bhd (MBM) its commercial vehicle general distributorship business, paving the way for Hap Seng to become the sole general distributor of Mercedes-Benz and FUSO commercial vehicles in Malaysia.
Hap Seng said it and MBM will jointly undertake a stock take in respect of the fixed assets and current assets to determine the final purchase consideration.
SINGAPORE: Goldilocks Investment, a leading stakeholder of Noble Group, said on Wednesday (Apr 25) it had filed a lawsuit in Singapore against the embattled commodities trader, seeking to prevent a scheduled shareholder meeting on April 30.
Goldilocks, which holds an 8.1 per cent stake, also seeks ...