Softbank doesn’t much resemble its name in recent dealings with Uber, the rideshare giant that does not prioritize profits. Bloomberg reports that Softbank played hardball with the sometimes troubled tech unicorn, agreeing to pay a discounted price for shares to acquire 15 percent equity in the company. The deal, which includes the purchase of nearly 30 percent of founder Travis Kalanick‘s shares, values Uber at $48 billion. At that valuation, the shares will be acquired for a 30 percent discount.
Softbank’s $48 million valuation puts Uber shares at $33. During Uber’s last funding round the company was valued at $69 million. Kalanick is expected to take in $1.4 billion in what is reportedly his first selling of Uber shares. Kalanick resigned as CEO of Uber in June 2017 under pressure from investors.