Uber plans to sell part of stake in China's Didi: Report

Uber plans to sell part of stake in China's Didi: Report

FILE PHOTO: A screen displays the company logo for Uber Technologies Inc. on the day of it's I
FILE PHOTO: A screen displays the company logo for Uber Technologies on the day of its IPO at the New York Stock Exchange in New York, US, May 10, 2019. (REUTERS/Brendan McDermid)

SAN FRANCISCO: Uber Technologies is planning to sell part of its US$6.3 billion stake in Chinese ride-hailing firm Didi Chuxing to raise cash, Bloomberg News reported on Thursday (Sep 17), citing people familiar with the matter.

CEO Dara Khosrowshahi is in talks about the sale with Didi and SoftBank Group, with a possible scenario of the Japanese conglomerate teaming up with other investors to acquire Uber's 15 per cent stake in Didi, according to the report.

Uber and Softbank were not immediately available for comment, while Didi said it had no comment on the report.

In April, Uber said it expects an impairment charge of up to US$2.2 billion against the carrying value of some of the company's minority equity investments due to the impact of the COVID-19 pandemic.

Uber holds 37 per cent stake in Russia's Yandex Taxi and about 18 per cent stake in Singapore-based Grab, according to the company's 2020 investor presentation dated Aug 6.

Source: Reuters/kv

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