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Uber co-founder Kalanick to sell part of stake

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Uber co-founder Kalanick to sell part of stake

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REUTERS
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Uber co-founder Travis Kalanick is selling almost a third of his 10 percent stake in the ride-share company.

A consortium led by Softbank Group is buying a total seventeen and a half percent of Uber from Kalanick and other shareholders. The deal values the company at almost 40 billion euros - 30 percent less than its most recent valuation.

The investors will also pump more than a billion euros of fresh funding into the mobile app.

The Softbank deal offers shareholders a last chance to cash in ahead of Uber's planned IPO next year.