Uber former CEO Kalanick selling almost a third of stake for $1.4 billion

Uber Inc’s co-founder Travis Kalanick, who was ousted as CEO in June, is selling almost a third of his 10 percent stake in the ride-services company for about $1.4 billion, an individual knowledgeable about the matter stated on Thursday.

Kalanick’s sale is part of a deal struck by a consortium led by SoftBank Group which is taking a 17.5 percent stake in the ride-hailing company, mainly by purchasing shares from early investors and workers. SoftBank recently secured contracts from investors who were willing to sell, and the deal will close early this year, Uber stated.

The SoftBank deal appraise Uber at $48 billion, about a 30 percent discount from its latest appraisal of $68 billion. However, the investor consortium is also making a $1.25 billion investment of fresh financing at the older, higher appraisal.

Kalanick had offered to sell half of his overall shares, but since there was a limit on the amount SoftBank will buy, he will sell just 29 percent. Other investors also did not get to discharge as many shares as they had hoped due to such widespread interest to sell.

The former CEO owns 10 percent of the company, which indicates his sale will discharge 2.9 percent of Uber shares and earn him about $1.4 billion.

A spokesman for Kalanick refused to comment.