SoftBank may transfer $20 bln ride-hailing stakes to Vision Fund

Japan’s SoftBank plans to move more than $20 billion of its investments in leading ride-hailing companies – including Uber, Ola, Grab, and Didi Chuxing –into its Saudi-backed Vision technology fund, the Financial Times reported on Wednesday.

The proposed switch will allow the fast-growing ride-share firms access to the fund’s resources, hoping to work closely and create synergies in businesses across the world, FT reported, citing people familiar with the talks.

Stakes in Uber, China’s Didi Chuxing, Brazil’s 99, India’s Ola, and Singapore’s Grab are currently held by SoftBank, but could be transferred into the fund within months, the report said.

The investments were kept separate to the Vision fund until now, partly due to the direct investments in Uber by Saudi Arabia’s state-owned sovereign wealth fund, the Public Investment Fund (PIF), sources said.

The PIF invested $3.5 billion directly into Uber, acquiring a 5 percent stake in the firm.

PIF also holds a position on Uber and Softbank boards.

The Vision Fund, which is run by SoftBank board member Rajeev Misra, has become one of the technology sector’s most powerful investors since it was established last year with $91.7 billion in committed capital.