Uber Technologies Inc co-founder Travis Kalanick, who was ousted as chief executive in June, is reportedly set to sell nearly a third of his 10% stake in the ride-hailing app company for about US$1.4bn.
Kalanick’s sale is part of a deal struck by a consortium led by Japan’s SoftBank Group Corp which is taking a 17.5% stake in Uber, mostly by buying shares from early investors and employees, Reuters reported.
SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, according to Uber.
The SoftBank deal values Uber at US$48bn, about a 30% discount from its most recent valuation of $68bn, with the investor consortium also making a US$1.25bn investment of fresh funding at the older, higher valuation.
Kalanick had offered to sell half of his total shares, but because there was a limit on how much SoftBank will buy, he will sell just 29%, according Reuters, who quoted a person familiar with the matter.
The SoftBank deal offers investors and employees what could be their last chance to sell shares in a company-approved transaction before Uber’s long awaited initial public offering, planned for 2019.