Uber plans to sell part of stake in China’s Didi: Bloomberg News

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

September 17, 2020

(Reuters) – Uber Technologies Inc is planning to sell part of its $6.3 billion stake in Chinese ride-hailing firm Didi Chuxing to raise cash, Bloomberg News reported https://bloom.bg/2RAViKg on Thursday, citing people familiar with the matter.

CEO Dara Khosrowshahi is in talks about the sale with Didi and SoftBank Group Corp, with a possible scenario of the Japanese conglomerate teaming up with other investors to acquire Uber’s 15% 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 $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% stake in Russia’s Yandex Taxi and about 18% stake in Singapore-based Grab, according to the company’s 2020 investor presentation https://s23.q4cdn.com/407969754/files/doc_financials/2020/q2/InvestorPresentation_2020_Q2.pdf dated Aug. 6.

(Reporting by Aakriti Bhalla in Bengaluru)