PayPal to invest $500 million in Uber: report

PayPal will invest $500 million in Uber as the ride-hailing giant moved for its initial public offering (IPO) on Friday, Refinitiv IFR reported.

The online payments firm will invest in Uber via a private placement at the IPO price, IFR said, citing sources familiar with the matter.

Uber, aiming to raise nearly $10 billion in its offering, established a price range of $44 to $50 per share for its IPO in an updated filing, while it would be valued at around $84 billion at the high end of the range.

The sought valuation is less than the $120 billion valuation that investment lenders last year said the US company would attain, and closer to the $76 billion valuation vaulted in its last private fundraising last year.