SoftBank's bid in Uber comes in at a decreased valuation

According to reports in BBC news , Japan's SoftBank deal to buy shares in ride-hailing app, Uber, has the company valued at $48bn, rather than the $69bn most recent valuation. That's nearly a 30% decrease. SoftBank are said to be looking to purchase at least 14% of Uber in a deal which has been in the pipeline for several months. The exact amount offered and for what percentage is yet to be disclosed, but Uber said earlier this month that the large investment would help it's expansion and investment in technology. Uber hope to pave a way to an IPO within the next two years. According to Reuters news agency, the new deal would see Uber's board of directors expand from 11 members to 17, and would reduce the influence of Travis Kalanick, Uber's former CEO, who was ousted back in June.