Fidelity to invest in Uber Technologies

Fidelity Investments and Wellington Management plan to co-lead an investment in Uber Technologies,

the

Wall Street Journal

reported.

The investment will value Uber, a car service app, at $17 billion, the article said. The fundraising round is expected to total more than $500 million, the report said.

The

Journal

cited an earlier Bloomberg report that said Fidelity was competing to lead the investment. Private equity firms, mutual funds and hedge funds were interested in participating, the

Journal

report said. (Source:

Wall Street Journal,

June 3, 2014.)