SoftBank inching closer to £billion Uber investment

Sources are saying that Uber are inching closer to one of the biggest stock deals in Silicon Valley history.

For some time now Japanese telecommunications investment firm SoftBank have been courting Uber's investors.   

The struggling American firm look to have agreed a deal worth between £3.7 billion and £5.1 billion. The deal will offer existing investors the chance to jump ship at this stage and also include direct investment into the Uber platform according to Forbes. 

This deal will come as a blow to taxi trades across the world as it will buy Uber more time to find a way of making the service profitable.

With losses of over £440 million last quarter it was widely reported that Uber's capital was due to run out in 2020. 

The deal is expected to be finalised and announced in a fortnight.