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Uber Plans to Sell Part of Stake in China's Didi - Bloomberg

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 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. [nL4N2C40L2]

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 dated Aug. 6.

Reporting by Aakriti Bhalla in Bengaluru

Source: Reuters


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