Uber approves Softbank's multi-billion dollar investment

Uber approves Softbank's multi-billion dollar investment

Uber approves Softbank's multi-billion dollar investment

In addition to the direct purchase of $1bn Uber shares, Softbank also wants to buy out other investors' shares up to a total of $9bn, according to financial newswire Bloomberg.

A deal could indeed be positive for Uber which is looking ahead to the future in the wake of recent scandals, among them workplace harassment allegations.

"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". The deal is a vote of confidence in the company's potential and "will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance", the statement said.

The deal allows early investors such as Benchmark to sell at least some of their shares at a handsome profit. "Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance". The company would potentially buy $9 billion worth of shares from existing shareholders at this price. Sources tell us that investor Benchmark Capital has agreed to drop the lawsuit against Kalanick if the SoftBank deal goes through.

SoftBank did not immediately respond to Ars' request for comment.

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Uber Technologies Inc's board members have come to an agreement which will allow a multibillion-dollar investment by Japan-based SoftBank Group Corp to proceed.

According to Fortune, Kalanick, who still controls three board seats, including his own.

But SoftBank refused to confirm the news when contacted by AFP and said it was not planning to issue any statement on Sunday. It also reduced Kalanick's and Benchmark's influence on the board by removing special voting powers in two categories of stock held disproportionately by Kalanick.

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