Consortium led by SoftBank and Uber agreed on acquisition of stake

SoftBank Group Corp went on to acquire a premium stake in Uber Technologies Inc. A consortium led by SoftBank will continue purchasing a key stake in Uber where existing investors in the company agree to sell shares at a price of around US$48 billion.

SoftBank and Uber on Thursday reportedly approved the acquisition of premium shares. SoftBank declined to comment on the results of the tender which will expire in the afternoon of PT (3 pm ET) Thursday.

The purchase will end months of Uber uncertainty and maneuverability in which new investors led by Softbank come to ensure the implementation of corporate governance standards is supported by CEO Dara Khosrowshahi. The price is a 30 percent discount to the latest valuation of US$68 billion.

Uber investors are holding shares equal to 20 percent of the company's valuation that SoftBank may limit the purchase in bids by up to 15 percent and other group members will likely buy additional shares.