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

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

SoftBank's Vision Fund is looking to borrow US$4 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 logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo
The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File photo

REUTERS: SoftBank's Vision Fund is looking to borrow US$4 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 12.88per cent stake, and Guardant Health, with a 30.74per cent 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)

Source: Reuters

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