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April 18, 2019

Uber attracting investors to self-driving unit – report

Ride-hail giant Uber Technologies is reported to be nearing a deal with a group of investors prepared to invest in its self-driving car unit.

By Sam Duke

Ride-hail giant Uber Technologies is reported to be nearing a deal with a group of investors prepared to invest in its self-driving car unit.

The Wall Street Journal has reported that a group that includes SoftBank Group Corp is involved in a proposed investment in the unit – which is valued at US$7.25bn.

The Wall Street Journal report cited people familiar with the matter.

The report also said that SoftBank, Toyota and parts supplier Denso are expected to invest a total of US$1 billion as part of the deal, which could be announced in the next few days, the report said.

SoftBank has already invested US$8bn in Uber for a 16% stake – making it the largest shareholder. Uber is getting ready for its initial public offering (IPO) on the New York Stock Exchange.

Rival ride-hail firm Lyft recently went public and debuted on the Nasdaq.

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