Mikhail Fridman's LetterOne Invests in Uber
February 12 2016 - 10:10AM
Dow Jones News
Russian billionaire Mikhail Fridman's LetterOne said Friday it
has invested $200 million in ride-hailing company Uber Technologies
Inc.
Mr. Fridman, who chairs LetterOne, said in a news release that
the management team of Uber was capable of building it into one of
the world's pre-eminent technology businesses.
LetterOne was founded in 2013 and is based in Luxembourg. The
investment company, which had net assets of $25 billion at the end
of 2014, plans to invest as much as $3 billion in technology
companies world-wide in the next few years. Mr. Fridman made his
fortune investing in Russia's energy and telecommunications
industries.
In 2015, former Standard Chartered PLC chief executive Mervyn
Davies was appointed deputy chairman of LetterOne. Former Swedish
Prime Minister Carl Bildt also joined the board of the investment
company last year.
Uber completed a round of funding last year that valued the
company at close to $51 billion. Past investors in the company
include Microsoft Corp. and U.S. private-equity firm TPG.
Write to Simon Clark at simon.clark@wsj.com
(END) Dow Jones Newswires
February 12, 2016 09:55 ET (14:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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