SoftBank Group Corp. pulled off its bid to buy up to 20% of Uber at a steep discount, sources tell the WSJ. SoftBank will likely limit its stake to 15% in the tender offer, valuing the ride-hailing company at $48 billion — a roughly 30% discount from its recent $70 billion valuation.
Why it matters: This deal is vital to Uber because of associated governance changes, and a big bet on transportation for SoftBank, which already has stakes in Uber rivals in other countries. Uber will also get a $1 billion investment from SoftBank at the $70 billion valuation. The company plans to close the overall transaction in early 2018.