Peace Deal: Uber Board Paves the Way for Softbank Investment

Peace Deal: Uber Board Paves the Way for Softbank Investment

"If conditions on share price and a minimum of shares are not satisfactory for the SoftBank Group side, there is a possibility the SoftBank Group may not make an investment", it said in a statement.

Uber hasn't disclosed exactly how much SoftBank will invest, but Reuters reports that Uber will receive $1 billion (£765 million) in funding and SoftBank will purchase $9 billion (£6.8 billion) of existing shares.

"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".

SoftBank is to buy the existing Uber shares in a process called a tender offer, which takes at least a month to complete.

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.

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After a long negotiation with Uber, SoftBank agreed to buy shares at a single price as long as sellers were barred from working together to push up the price.

Uber had said funds from SoftBank, subject to the closure of the deal, would help the US-based startup fuel investments in technology and expansion in its home market as well as other countries.

Then Kalanick threw a wrench in the deal, insisting that Benchmark put a hold on its lawsuit against him before he would approve it. If the new deal is closed, the SoftBank-led consortium will own about 14 percent stake in the ride-sharing pioneer, now valued at around US$68 billion.

Kohli had joined Uber India in September past year and was responsible for the company's relations with policymakers, regulators, government officials, industry bodies and others. Benchmark, an early Uber investor that has a seat on the board, could not be reached for comment.

The Softbank deal will add six new directors to the board and eliminate the special voting powers of a certain type of company stock, which in turn will reduce Kalanick's authority over the board. In addition to his own seat, Kalanick controls two more, which are occupied by Ursula Burns, the former Xerox Corp CEO, and former Merrill Lynch & CO Inc CEO John Thain.

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