Uber Technologies Inc. is selling its U.S. auto-leasing business Xchange Leasing to startup car marketplace Fair.com, The Wall Street Journal reported Dec. 26, citing sources with knowledge of the matter.
While financial terms of the deal remain undisclosed, an Xchange Leasing document compiled for prospective buyers and reviewed by the Journal put the net book value of its more than 30,000 vehicles at about $400 million.
Under the deal, which is reportedly expected to close early next year, Uber will take an equity stake in the company, one of the people said. Fair will also hire nearly 150 employees of Xchange Leasing.
In September, Uber unveiled plans to shut down the business and launch a sale process as well.