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One of the wealthiest people in the world on paper, Kalanick would become an actual billionaire for the first time as a result of the sale.
Didi led a $100 million investment in 99 Taxis a year ago. “Globalization is a top strategic priority for DiDi,” Cheng Wei, Didi CEO, said in a statement.
The investor group which also includes Dragoneer Investment, TPG, Tencent Holdings and Sequoia Capital will own 17.5 percent of the startup.
The deal will bring new cash to Uber, prevent arch U.S. rival Lyft Inc. from dealing with SoftBank, appease some early, antsy backers and pacify a previously warring management team and board, while solidifying the leadership of CEO Dara Khosrowshahi.
This deal would value the ride-hailing company at 30 percent less than its most recent $69 billion valuation. If shareholders don’t agree to sell in sufficient numbers, SoftBank could raise the price or walk away.
SoftBank, others invest up to $1B, followed by offer to buy up to $9B in shares from existing investors.
Airbnb had searched unsuccessfully since 2015 to recruit a business chief for China.
Departure reflects the struggle Airbnb faces in China.
The future of the ride-hailing industry depends on the capricious largesse of two internet billionaires on opposite sides of the globe. Alphabet Inc., led by Larry Page, just backed Lyft Inc., while SoftBank Group Corp. chief Masayoshi Son is set to take a big stake in larger rival Uber Technologies Inc. Alphabet unit CapitalG led a $1 billion investment in… Read more »
Alphabet was a major Uber backer, but the two have clashed in court over autonomous vehicle technology this year.