Brief: SoftBank now wants a stake in Uber – and control of Asia’s ride-hailing market

SoftBank CEO Masayoshi Son. Photo credit: @SoftBank.

The news:

• SoftBank has approached Uber to discuss the possible purchase of a multi-billion-dollar stake in the US ride-hailing company, The Wall Street Journal reports.
• The Japanese conglomerate already owns significant stakes in several of Uber’s Asia-based competitors, including China’s Didi Chuxing, Singapore’s Grab, and India’s Ola.
• SoftBank confirmed just yesterday that it would be participating in Grab’s latest funding round, joining Didi and other existing backers of the Singapore-based company in an investment worth up to US$2.5 billion.

Why it matters:

• SoftBank’s interest in Uber has been persistently rumored – though the possibility of it investing in the US company has also been seen as conflicting with its stakes in Didi, Grab, and Ola.
• That said, the Japanese company’s reported enquiry into acquiring an Uber stake seems to indicate its push for overall control of the Asia-Pacific ride-hailing market.
• As the Journal speculates, SoftBank may be hoping to marshal Uber into doing deals where it merges with Asia’s local players and exits the market, as it has done in China with Didi and in Russia with Yandex.

Source: The Wall Street Journal.