Uber valued at $48bn after consortium secures shares deal

An exterior view of the headquarters of Uber in San Francisco on March 1

Ride-hailing company Uber Technologies is working on a deal to sell its United States auto-leasing business Xchange Leasing to startup digital vehicle marketplace Fair, according to a person familiar with the matter, Reuters reported.

SoftBank has bought a major stake in Uber at a steep 30pc discount, after a chaotic year in which the ride-hailing firm faced a string of scandals, saw its chief executive resign and was hit with United Kingdom city bans.

The Journal did not offer any figure as to the amount Fair might have spent to acquire Uber's leasing unit.

The investment is seen as a sign of support from the influential investors for its chief executive, Dara Khosrowshahi, who took the job in August and has helped negotiate the deal.

Colder weather on the way
A "cold Arctic air mass" is expected to hit the Upstate from the north later this week, according to the weather service. Across northern Maine, New Hampshire and Vermont, mid-morning temperatures were in the negatives or single digits.

Lucky for Uber, the company will still retain its title of "most valuable startup", as second place goes to WeWork, which is now valued at $31 billion.

As part of the deal, SoftBank is expected to buy shares from employees and investors worth about 15% of the company and will invest an additional $1.25 billion directly into Uber.

SoftBank and the rest of consortium, which includes Dragoneer Investment Group, will own approximately 17.5 per cent of Uber, a person familiar with the matter said. This is about 30 percent less than its previous $68 billion valuation, which means investors and employees who plan to offload some of their shares will be taking a major discount.

We are appreciative of the support from Uber's shareholders in the successful tender offer and look forward to closing the overall investment in January. In an earlier report in August, the paper said Uber was losing roughly $9,000 a auto, 18 times more than previously believed.

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Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported.

Uber's corporate governance, set to be overhauled as part of the SoftBank deal, became a hot-button issue this year after the company saw a seemingly never ending string of crises and experienced the resignation of its cofounder and CEO Travis Kalanick.

Uber hasn't had a great year.

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