SoftBank may invest in Ride-Sharing Company

  • SoftBank may invest in Ride-Sharing Company

SoftBank may invest in Ride-Sharing Company

Sales came in at 2.19 trillion yen, matching predictions, the Tokyo-based company said in a statement on Monday.

The company also has stakes in a number of British technology firms including virtual reality firm Improbable. Lyft closed $600 million in fresh funding at a $7.5 billion valuation in April, whereas Uber has been valued at over $60 billion. Sprint has reportedly lost billions since SoftBank brought a majority of the company in 2013 and it has publically stated that a merger would create a large enough wireless carrier to take on the likes of AT&T and Verizon. Since then, Alibaba's stock has climbed more than 80 per cent, forcing to recognise the difference. Jefferies' Atul Goyal has a buy rating on SoftBank with a JPY13,800 a share target price, which implies 55% upside. Now, it's clear the Japanese billionaire wants to push into the USA market one way or another.

SoftBank (9984.JP) CEO Masayoshi Son has indicated that he's keen on investing in Uber and Lyft to gain access to the US ride hailing market after making similar investments in Asia, the Wall Street Journal reports. "We have not decided which way".

The discussions show that Son, who leads Sprint's largest shareholder SoftBank Group Corp., is pursuing all options for industry consolidation as he continues to weigh a potential offer for Charter.

Mr Son, who founded the company in 1981, described the United States as "the most important market". We are also interested in discussing with Lyft. Last week, Sprint Chief Executive Officer Marcelo Claure said a decision on possible mergers is close at hand, lifting Sprint shares as much as 12 per cent. And when that stage comes, this ride sharing business be comes even more important.