Softbank gets Uber A-OK for $9 BEEELLION investment cash splurge

SoftBank expressed an interest in investing around $1 billion in Uber for a stake of at least 14 percent

SoftBank expressed an interest in investing around $1 billion in Uber for a stake of at least 14 percent

"We've entered into an agreement with the consortium led by SoftBank and Dragoneer [of San Francisco] on a potential investment, a statement from Uber said. Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

Taxi-hailing company Uber has said it's struck a deal that may eventually lead to a massive investment in the company by a consortium led by Japanese conglomerate SoftBank and Dragoneer of San Francisco.

The Financial Times added that Softbank could walk away if other investors declined to sell the $9bn worth of shares, amounting to a 14 per cent stake in Uber, that the Japanese firm is seeking.

But over the weekend London Mayor Sadiq Khan recognised that Uber had apologised for mistakes and appeared ready to change after Transport for London refused to renew its licence in September, saying that it was not a fit and proper private vehicle hire operator.

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The purchase of existing shares will be conducted through a tender-offer process, which could take at least a month to finalize.

The deal may also help to get former Uber chief exec Travis Kalanick out of a hole.

SoftBank did not immediately respond to a request for comment.

The two parties reportedly reached an agreement on control of board seats, which included Benchmark putting its lawsuit on hold-while Kalanick will allow directors to vote on his future appointments to the three seats he oversees. Son has spearheaded the new round of investment in Uber.

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In October, Uber's board made sweeping reforms within the company proposed by new Uber CEO Khosrowshahi and Goldman Sachs, which set the SoftBank deal and the 2019 IPO plans in motion.

Benchmark agreed to drop the lawsuit in return for Kalanick's board power being diluted but its co-operation depends on the Softbank investment going through.

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