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

Published 09/17/2020, 05:51 AM
Updated 09/17/2020, 05:55 AM
© Reuters. 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

(Reuters) - Uber Technologies (NYSE:UBER) 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 (OTC:SFTBY) 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.

© Reuters. 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

Uber holds 37% stake in Russia's Yandex (NASDAQ:YNDX) 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.

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