Uber ex-CEO Kalanick likely to sell 29% of stake for $1.4 billion

Uber Technologies Inc co-founder Travis Kalanick, who was ousted as chief executive in June, will sell nearly a third of his shares in the ride-services company for about $1.4 billion, a person familiar with the matter said on Thursday.

Kalanick's sale is part of a deal with a group of investors led by SoftBank Group Corp, which is taking a 17.5 percent stake in Uber, mostly by buying shares from early investors and employees. SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.

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 percent, according to the source. Other investors also did not get to unload as many shares as they had hoped because of such widespread interest to sell.

A spokesman for Kalanick declined to comment. SoftBank could not be reached for comment.

Kalanick's share sale will earn him about $1.4 billion, the source added. The former Uber CEO is still on the board of directors.

The SoftBank deal values Uber at $48 billion, about a 30 percent discount from its most recent valuation of $68 billion. However, the investor consortium is also making a $1.25 billion investment of fresh funding at the older, higher valuation.

Bloomberg first reported Kalanick's plans to sell part of his stake
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Uber investor exits Sherpa Capital amid sexual misconduct claims

Silicon Valley investor Shervin Pishevar, known for his early bet on Uber Technologies Inc, said on Thursday that he would sever ties with his venture capital company, Sherpa Capital, after being accused of sexual misconduct.

Pishevar, who has denied the accusations, said in a statement provided by his lawyer that he was voluntarily leaving Sherpa Capital, which he co-founded, because of ongoing "untruthful attacks" against him.

Bloomberg reported in November that five women accused Pishevar of exploiting a professional connection or the prospect of a job, mentorship or investment to make unwanted sexual advances.

Reuters was unable to independently confirm the accusations.

"I refuse to allow my enemies to drag my Sherpa family into their fight with me," Pishevar said in the statement. "That is why I have decided on my own accord to end my association with Sherpa Capital, effective immediately."

In a statement, Sherpa Capital thanked Pishevar for his contributions to the firm and said it was "deeply committed to our culture of integrity, inclusion, and respect."
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SoftBank may have offered to buy Uber shares at a 30% discount

Japan’s SoftBank Group Corp is offering to purchase shares of Uber Technologies Inc at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday.

A second person said the amount was in line with what investors had been expecting. SoftBank is also expected to make a separate $1 billion investment in the company at the $68.5 billion valuation.

Bloomberg reported the offer price earlier on Monday.

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Uber rival Grab to raise $2 bn from SoftBank and China's Didi, reports WSJ

Grab, Uber Technologies Inc's biggest rival in Southeast Asia, is raising as much as $2 billion in funding from Japan's SoftBank Group and China's top ride-hailing firm Didi Chuxing, the Wall Street Journal reported on Friday.

The deal, which could close in the next few weeks, would value Singapore-based Grab at more than $5 billion, the Journal reported, citing people familiar with the matter.

The reported funding comes amid efforts by Grab to transform into a consumer technology firm that also offers loans, electronic money transfer and money-market funds.

Grab declined to comment, while SoftBank and Didi did not immediately respond to Reuters requests for comment.

Grab, which operates its ride-hailing platform in 55 cities across seven countries, raised $750 million in a funding round in September, with sources then valuing the five-year-old startup at over $3 billion.

The reported deal also comes at a time when San Francisco-based Uber, the world's largest ride-hailing service, faces setbacks at home ranging from accusations of a sexist work culture and driver protests.

Uber's challenges have culminated in the departure of co-founder and CEO Travis Kalanick, who stepped down under investor pressure last month.
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