Richard Yu, CEO of Huawei's consumer business, said Huawei's own operating system for smartphones and laptops could be ready for use in China by fall this year.Technologyread more
British Prime Minister Theresa May could announce her resignation in the next few days, according to U.K. media reports, as she faces increasing pressure from members of her...Europe Politicsread more
Shares of Chinese telecommunications heavyweight Huawei's suppliers took a hit on Thursday amid the ongoing fallout surrounding the Chinese telecommunications giant.Asia Marketsread more
Lawmakers, lobbyists and CEOs in the U.S. are looking to trying to pick out the best parts of the EU's privacy law called GDPR – and ditch what they see as the worst.Technologyread more
After holding parliamentary elections over seven phases, India started counting the votes on Thursday — and Prime Minister Narendra Modi's Bharatiya Janata Party-led coalition...Electionsread more
The embattled German lender saw its share price hit a record low Monday, down nearly 5% since the start of the year.Banksread more
Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
Political experts believe the vote could give more insight into national politics in each member state, rather than on the future of the EU itself.Europe Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
China accounted for 40% to 60% of the global increase in trichlorofluoromethane, or CFC-11, emissions between 2014 and 2017, a study found.Scienceread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
Uber and SoftBank have agreed to a long-awaited tender offer on Thursday, in a deal that would value Uber at $48 billion, an Uber spokesperson said.
The deal has long been expected, and would unite one of the world's most ambitious tech investing funds with one of the most valuable start-ups.
SoftBank's offer values Uber at $48 billion, about a 30 percent discount to the company's $68 billion valuation from June 2016. There will also be a $1.25 billion investment at the company's previous valuation of about $68 billion, a source said.
"We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth, and strengthen our corporate governance," Uber said in a statement.
According to the Wall Street Journal, which previously reported details of the agreement, SoftBank will likely acquire 15 percent of the company, with an additional 5 percent of the company likely available to other outside bidders. Uber would not confirm that number, saying only in the statement that the "consortium reached their target shareholding."
SoftBank said in a statement that its overall investment would close in January 2018, noting it was confident in Uber's ability to "reinvent how people and goods are transported around the world."
Uber is being forced to accept a reduced price following a tumultuous year that's seen its co-founder Travis Kalanick ousted from the CEO role, a scathing report on the company's approach toward sexual harassment, a data breach and a host of lawsuits that threaten to derail Uber's growth plans.
Uber, which has said that it's eyeing a 2019 IPO even as it loses billions of dollars a quarter, needs SoftBank's capital to continue fueling its expansion. The company has to date counted on venture capitalists and other private market investors, and is now turning to SoftBank to keep the money flowing.
But the SoftBank cash is also structured to provide liquidity to early employees and investors, who have millions — if not billions — of dollars locked up in Uber stock. Without an IPO on the immediate horizon, a secondary offering is a way to relieve some of that pressure.
Few Silicon Valley investments in recent history have been so thoroughly scrutinized. SoftBank's presence is expected to temper Uber's board, which has been in the throes of legal disputes and in-fighting.
The deal also adds to SoftBank's growing ride-hailing portfolio. SoftBank is an investor Didi Chuxing, the majority owner of Uber's China operations, and has also backed Grab, a ride-hailing company in Southeast Asia, as well as India's Ola.
Since being named to the top spot in August, Khosrowshahi has taken steps to reform Uber. The company fired Chief Security Officer Joe Sullivan after revelations that Uber had concealed a 2016 data breach, and Khosrowshahi has met with global officials to help improve the company's reputation in cities like London.
— With reporting by CNBC's Josh Lipton and Paayal Zaveri