SoftBank Group Corp. ( SFTBY
) , the Japanese tech conglomerate, agreed on Thursday
to invest $7.7 billion for a roughly 15% stake in Uber Technologies Inc., including $1.25 billion in fresh capital.
The SoftBank investment
, which is expected to close in January, paves the way for Uber to conduct an initial public offering before the end of 2019.
Ride-hailing company Uber has had a tumultuous 2017 with a series of allegations about a sexist corporate culture that led to the ouster of its founder and chief executive, as well as unfavorable government decisions and revelations of hacked customer accounts.
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