Softbank sold all its shares in Uber
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Japanese investment technology firm SoftBank Group has sold all of its shares in US taxi and food delivery service Uber Technologies Inc. to raise funds amid deteriorating financial performance, transmits CNBC.
The move came as Softbank’s main investment fund, Vision Fund, reported losses for the period from April to July of 2.93 trillion Japanese yen, or $21.64 billion, a record high in its history.
According to the company, it sold its stake gradually – from April to July at an average price of $41.47 per share. The average Uber share price at which Softbank bought them during 2018 and 2019 was $34.5 per share. However, the company itself did not name the exact volume of the sold block of shares and the amount that it managed to receive as revenue. Softbank began selling its assets last year – then a third of the share was sold. The rest has been implemented now.
In total, Softbank raised $5.6 billion in the second quarter through the sale of shares in portfolio companies, which also included online real estate company Opendoor, medical Guardant and Chinese broker Beike.
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