SoftBank, others in talks to invest $1 billion in Uber’s self-driving unit: sources

FILE PHOTO: Uber’s logo is displayed on a mobile phone, September 14, 2018. REUTERS/Hannah Mckay/File Photo

(Reuters) – A group of investors led by SoftBank Group Corp and Toyota Motor Corp are in talks to invest $1 billion or more into Uber Technologies Inc’s self-driving vehicle unit, which would value the unit at between $5 billion and $10 billion, according to two sources familiar with the talks.

SoftBank Vision Fund is the largest shareholder in Uber with a 15 percent stake.

The news of investment talks was first reported by Wall Street Journal, which said the talks could still fall apart but if there is a deal, it could surface next month.

Uber and SoftBank declined to comment on the report. Toyota could not be immediately reached for a comment.

The ride-hailing company, which last year lost about $3.3 billion, is betting on a transition to self-driving cars to eliminate the need to pay drivers.

Uber is ramping up preparations for a stock market debut in which it is expected to seek a valuation of up to $120 billion.

Reporting by Rama Venkat in Bengaluru, Liana Baker in New York; Editing by Sonya Hepinstall

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