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PayPal's online payment company plans to invest $ 500 million in Uber Technologies when it announces the terms of its initial public offering on Friday, Refinitiv IFR announced.
PayPal will invest in Uber via a simultaneous private placement at the IPO price, IFR reported on Thursday, citing sources.
The financial services component is important to Uber as it works to become a "super-fit" for logistics and transportation services.
Superapps are applications where customers use a range of services, such as transportation, purchases and payments. Such businesses can be much more lucrative than those that offer a single activity or service.
Uber has set a price range of $ 44 to $ 50 per share for its IPO on Friday in an updated document. It would be valued at about $ 84 billion in the upper end of the range.
The company seeks to raise about $ 10 billion during its IPO. The company will begin its IPO roadshow on Friday.
The appraisal requested is lower than the $ 120 billion valuations that bankers told Uber last year that they could get, and move closer to the $ 76 billion valuations that were made. she had reached during her last private fundraiser last year.
Uber and PayPal were not immediately available to comment on the IFR report.
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