Uber ex-CEO selling stake for $1.4 billion

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ber Technologies Inc co-founder Travis Kalanick, who was ousted as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $1.4 billion, a person familiar with the matter said on Thursday.

Kalanick’s sale is part of a deal struck by a consortium led by SoftBank Group Corp which is taking a 17.5 percent stake in Uber, mostly by buying shares from early investors and employees. SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.

The SoftBank deal values Uber at $48 billion, about a 30 percent discount from its most recent valuation of $68 billion. However, the investor consortium is also making a $1.25 billion investment of fresh funding at the older, higher valuation.

Kalanick had offered to sell half of his total shares.