Uber-SoftBank deal �very likely� to be finalized in the next week
The Uber-SoftBank deal is almost done, said Arianna Huffington on stage at WSJ D.Live in Laguna Beach on Monday. When pressed whether SoftBank�s multi-billion dollar investment in Uber could be finalized within the week, the Uber board member replied that it�s �very likely.�
She confirmed media reports that the proposed deal would involve both a direct investment in the company at the last private valuation and also a secondary transaction, buying out existing shareholders at a yet-to-be-determined discount.
Uber is still �waiting on what�s going to transpire in terms of the price,� said Huffington.
She added that having SoftBank �on your cap table is very important when they�re also investing in so many of our competitors around the world.� Implying that there could be more acquisitions in ridesharing, she said to �expect to see some consolidation.�
Huffington also spoke about the difficult period Uber has faced in the past few months. The company�s work environment had come under fire, leading to the departure of several key executives, including co-founder and CEO Travis Kalanick.
�If your culture is so driven by growth at the expense of other things, there are consequences,� said Huffington. �Culture, we�re now recognizing, is the immune system of a company.�
She voiced optimism about Uber�s new leader, Dara Khosrowshahi. Calling him �unflappable,� she said that there�s a renewed focus on image. His �goal is to get people to love the company and not just the product.�
Huffington also said that Khosrowshahi has a greater focus on cost-cutting, in order to meet the goal of taking Uber public by 2019.
Comments
Post a Comment