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BREAKING NEWS

BREAKING NEWS

SoftBank's Vision Fund to borrow $4 billion against stakes in Uber and two others - FT

SoftBank's Vision Fund to borrow $4 billion against stakes in Uber and two others - FT
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato -
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Issei Kato(Reuters)
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(Reuters) – SoftBank’s Vision Fund is looking to borrow $4 billion (£3.2 billion) against its stakes in Uber Technologies Inc, soon-to-go-public Slack Technologies Inc, and blood-testing company Guardant Health Inc, the Financial Times reported, citing people directly involved in the deal.

The fund is in talks with banks, including Goldman Sachs Group Inc, to arrange a loan secured against its holdings in the three Silicon Valley companies, the newspaper said, adding that if the value of those stakes falls beyond a certain threshold, the fund will be obliged to stump up more cash.

SoftBank Investment Advisers (UK) Limited is the largest shareholder in both Uber, with a 12.88% stake, and Guardant Health, with a 30.74% stake, according to Refinitiv data.

Slack Technologies, the owner of a popular workplace instant messaging app, plans to make its market debut on June 20.

Goldman Sachs, SoftBank, Uber, Slack and Guardant Health did not immediately respond to a request for comment.

(Reporting by Sathvik N in Bengaluru, Additional reporting by Philip George; Editing by Supriya Kurane)

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