SoftBank-led consortium buys 20% stake in Uber

A consortium led by Japan’s SoftBank Group Corp. has won a bid to buy a 20 percent stake in Uber Technologies, the Wall Street Journal reported, citing sources familiar with the matter.

The deal values the ride-hailing company at $48 billion, a roughly 30 percent discount compared to its most recent valuation of about $68 billion.

Softbank alone will acquire a 15 percent stake in the car hailing app.

The consortium investing in Uber also comprises Dragoneer Investment Group and General Atlantic.

Last month, it was reported that SoftBank was revisiting an offer price to acquire Uber, after the company disclosed a hack of 57 million accounts that took place a year ago.