SoftBank edged closer to an investment in taxi booking app operator Uber, with reports stating the Japan-based company could be ready to make an offer of between $8 billion and $10 billion by the end of September.

The Japanese operator is making the move as part of a joint venture with Dragoneer, a US-based investment company, and Chinese taxi hailing company Didi Chuxing, TechCrunch reported. The news service stated the deal is likely to include a direct investment in Uber, along with the acquisition of shares held by staff and initial investors.

SoftBank and its joint venture partners could build a stake of 22 per cent in Uber through the investment, Business Insider reported. However, a related report by The Wall Street Journal indicated the partners are seeking a hefty $19 billion discount on Uber’s latest valuation of $69 billion.

Growing portfolio
It remains unclear if SoftBank would seek to include an Uber investment in its Vision Fund or its main portfolio. The company established the Vision Fund in October 2016, with a view to investing in new innovations across a range of industries.

While none of the companies named in the reports commented on the matter, SoftBank CEO Masayoshi Son (pictured) in August confirmed he was interested in an investment in Uber.

The ride-hailing company would complement a growing portfolio of such businesses on SoftBank’s books. The operator in July announced it would lead a $2 billion fundraising round in Grab, adding to existing investments in India’s Ola, Didi Chuxing in China, and a service named 99 in Brazil.

If SoftBank and its partners succeed in convincing Uber shareholders to accept their offer, the operator may look to combine its service with Ola and Grab.

Reports of SoftBank’s progress in pursuing Uber appear to put paid to earlier speculation the operator may invest in rival taxi service Lyft, which Bloomberg reported is now on the radar of Google parent Alphabet.