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Business deals

With Uber deal, SoftBank extends its global ride-hailing reach

Japanese group's investments in this field span three continents

Investors led by SoftBank will reportedly emerge with a 14-17% stake in Uber.

TOKYO -- SoftBank Group on Wednesday moved closer to investing in Uber Technologies of the U.S., which will add to its global car-hailing network as tech evangelist CEO Masayoshi Son looks to hitch a ride in an increasingly crowded growth industry.

Uber's board of directors on Tuesday began the process of accepting the investment from the Japanese information technology group. Investors including SoftBank are seen gaining approval to buy at least $1 billion of newly issued Uber shares, and acquire up to $9 billion worth of stock from current shareholders, according to U.S. media.

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