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Uber co-founder Kalanick to sell part of stake

Uber CEO Travis Kalanick at the Indian Institute of Technology in Mumbai
Uber CEO Travis Kalanick at the Indian Institute of Technology in Mumbai Copyright REUTERS
Copyright REUTERS
By Euronews
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Uber co-founder Travis Kalanick is selling almost a third of his 10 percent stake in the ride-share company.

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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.

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