Japanese tech giant SoftBank cautions it could pull out of proposed investment with Uber

NewsBharati    14-Nov-2017
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Tokyo, November 14: The ride-hailing giant Ube said on Monday that it has entered an agreement with Japanese technology conglomerate SoftBank. While Uber published it with high hope, SoftBank has warned not to get highly optimistic about it. As it was reported earlier, the company has agreed to invest billions in the ride-hailing company. SoftBank could pull out if it finds the deal unsatisfactory.

“We’ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," Uber said in a statement on Monday. "We believe this agreement is a strong vote of confidence in Uber’s long-term potential. Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance,” the statement read.

As the statement came public on Monday the group cautioned to not get on high hopes. The deal is going to be highly beneficial for Uber if it gets finalized. Uber is currently going through a series of scandals, leadership turmoil, and executive departures.

"While the SoftBank Group side is considering an investment in Uber, there is no final agreement at this stage,” Japanese company said in a statement. "If conditions on share price and a minimum of shares are not satisfactory for the SoftBank Group side, there is a possibility the SoftBank Group may not make an investment," the statement added.

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