SoftBank Group Corp has agreed to give up board seats and access to sensitive in...
SAN FRANCISCO - SoftBank Group Corp has agreed to give up board seats and access to sensitive information, take a more passive role in startups and make other concessions to get government clearance for its technology deals, as the Japanese investor confronts a new U.S. law aimed at cracking down on foreign investors.
“We know the deals are going to be reviewed,” Marcelo Claure, chief operating officer of SoftBank Group Corp, said in an interview with Reuters this week. “We have abided by what the U.S. government wants.” “We would not accept this if we were in the business of running companies,” Claure said of the concessions. “We’re not. We are in the business of investing.”
“Everything is a conversation with the government so you figure you are going to pick your battles,” Claure said. As a result, more than a year later, Claure and Rajeev Misra, who oversees SoftBank’s $100 billion Vision Fund, have not taken their board seats. The result is that Uber on Thursday kicked off its initial public offering with a board of 12 directors, not the 17 members long ago agreed upon.By the time Uber’s shares start trading on the New York Stock Exchange in early May, SoftBank may have missed its opening.
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