Uber plans to sell part of stake in China’s Didi Chuxing

FILE PHOTO: Chief Executive Officer Dara Khosrowshahi of ride-hailing app Uber pictured on stage during an event in New York City, New York, U.S., September 5, 2018. REUTERS/Carlo Allegri/File Photo

Uber Technologies Inc is planning to sell part of its $6.3 billion stake in Chinese ride-hailing firm Didi Chuxing to raise cash, Bloomberg News reported https://bloom.bg/2RAViKg on Thursday, citing people familiar with the matter.

CEO Dara Khosrowshahi is in talks about the sale with Didi and SoftBank Group Corp, with a possible scenario of the Japanese conglomerate teaming up with other investors to acquire Uber‘s 15% stake in Didi, according to the report.

Uber and Softbank were not immediately available for comment, while Didi said it had no comment on the report.

In April, Uber said it expects an impairment charge of up to $2.2 billion against the carrying value of some of the company’s minority equity investments due to the impact of the COVID-19 pandemic.

Uber holds 37% stake in Russia’s Yandex Taxi and about 18% stake in Singapore-based Grab, according to the company’s 2020 investor presentation https://s23.q4cdn.com/407969754/files/doc_financials/2020/q2/InvestorPresentation_2020_Q2.pdf dated Aug. 6.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.