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SoftBank in Uber Deal

SoftBank in Uber DealSoftBank in Uber Deal

Scandal hit ride-sharing company Uber late Sunday announced a deal to sell a stake to Japan’s SoftBank, as the firm looks to turn a new page ahead of its planned IPO by 2019, AFP reported. The move was unveiled shortly after reports emerged that its former CEO Travis Kalanick and an influential investor had buried the hatchet in a long feud that paved the way for the acquisition. “We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment,” a company statement said in a statement Sunday evening. “We believe this agreement is a strong vote of confidence in Uber’s long-term potential,” it added. “Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance.” But SoftBank refused to confirm the news when contacted by AFP and said it was not planning to issue any statement on Sunday. A deal would be positive for Uber, which is looking ahead to the future in the wake of recent repeated scandals, among them workplace sexual harassment allegations.

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