AfterDawn: Tech news

Uber to raise $1 billion from Chinese fund manager

Written by Andre Yoskowitz (Google+) @ 24 Jun 2015 10:47

Uber to raise $1 billion from Chinese fund manager Uber is preparing to raise an additional $1 billion thanks to an investment from Chinese fund manager Hillhouse Capital Group.
If completed, Hillhouse will purchase bonds that then convert in shares at a discount to Uber's eventual IPO price.

The move is very similar to a deal completed by Goldman Sachs in January in which the investment bank invested $1.6 billion in exchange for convertible bonds.

Uber is the most highly capitalized private startup in the world, and when it does IPO it is expected to have a market value in excess of $40 billion, making it one of the largest tech companies on the planet, as well.

The ride-hailing app is now available in 300 cities and is aggressively expanding in places like China, where it has already committed $1 billion for 2015.

Source:
WSJ

Tags: IPO Uber
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