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(Bloomberg) – SoftBank Group Corp. is selling $ 2.1 billion of its stake in Uber Technologies Inc. in a block transaction through Goldman Sachs, according to people familiar with the matter.
SoftBank, Uber’s largest investor, reduced its stake in the ridesharing giant by 184 million shares as of March 31. SoftBank is also a significant investor in Chinese ridesharing giant Didi Global Inc., which has seen its share price drop following Beijing’s fall. regulatory repression.
SoftBank aims to sell 45 million shares with a price range of $ 44.15 to $ 46.14, according to people familiar with the details who have asked not to be identified to discuss private information. Uber shares fell 5.1% in post-trade exchanges, while rival rideshare company Lyft Inc. fell 0.9% in an apparent sympathy trade.
The block trade is worth around $ 2.1 billion based on the last closing price. The price range implies a maximum discount of 4.3% from Wednesday’s close for an offer that represents almost three full days of average trading volume.
The transaction comes a week before Uber declares the income. Uber will report its quarterly results on August 4 after the market closes.
CNBC previously reported that SoftBank was selling shares.
(Updates to reflect SoftBank is the seller in the first paragraph.)
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